Business and Economics
Investment opportunities exist in the fisheries industry in Hambantota

Additional District Secretary Hambantota Suneth Lochana said that there is tremendous potential for the expansion of the fisheries industry in the Hambantota district. The potential lies in the existence of all types of fish resources available that are yet to be fully utilized. The potential for deep-sea fishing is high in the southern coastal belt and remains an untapped resource.

With the upgrading of the marine industry now being planned by the government the prime area for investments is the modernization of the fishing fleet.

The additional district secretary said that there are 21 perennial tanks throughout the Hambantota district. There are more than 460 seasonal tanks in the district. These water bodies are an important component. There are 16 lagoons along the coastal belt of the Hambantota district out of these 10 lagoons are only used for fishing while there are four salt production lagoons. He said that aquaculture development is considered a lucrative occupation as such it is being encouraged by the government and at present, the most important areas of development are inland fisheries and freshwater aquaculture and sea fishing.

Around 50 indigenous species have been identified for freshwater fisheries. Apart from these several exotic fisheries species were introduced to the local freshwater bodies. Those who engage in the freshwater fish industry say that the response for freshwater fish varieties has been positive. This is very good information for potential investors in freshwater fish farming.
Singer wins People’s Brand of the Year for 15th consecutive time

Singer Sri Lanka PLC, country’s premier consumer durables retailer has clinched prominent awards at SLIM People’s awards 2021, reiterating its dominance in the consumer durables sphere. Singer was crowned SLIM People’s Brand of the Year 2021 award for 15th consecutive time topping off a memorable night for the retail giant. Forging its way to yet another remarkable achievement, Singer clinched the coveted SLIM People’s Durables Brand of the Year 2021 award, reaffirming its positioning as Sri Lanka’s premier consumer durables retailer. On a winning streak, Singer also re-claimed SLIM People’s Youth Choice Brand of the Year 2021 award after 3 years, because of its renewed focus during the last year to appeal to the youth via a targeted communication strategy and introduction of modern products. Proof of strong progress being made of a heritage brand slowly evolving to be more progressive and future oriented.

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CBSL relaxes FX rules while Chinese support boosts confidence – Acuity Securities

Money Market: Liquidity decreases whilst CBSL holdings increase.

Overnight liquidity recorded a surplus of Rs.119 billion at the end of the week compared to a surplus of Rs.181 billion by the end of last week and overnight Repo was exchanged between 4.50%-5.00% levels in the market. CBSL holding of government securities increased to Rs.824 billion fromRs.810 billion last week. The weekly AWPR for the week ending 19th March 2021 increased by 7bps to 5.61% compared to the previous week.

Government Securities Market Review

Treasury bill Market: Auction under-subscribed for the second consecutive week.

The total accepted amount was Rs.24.8 billion to the offered amount of Rs.45 billion. Weighted average yield of 3M and 6M bills increased by two and one basis points to 5.01% and 5.07% respectively. The benchmark 1-year bill increased by one basis point to 5.11%and bids’ amounting to Rs. 657 million was accepted. Rs. 45 billion worth of treasury bills is to be issued through an auction on 24 March 2021.

Bond Market: Yields see-saw during the week.

The positive momentum witnessed last week subdued during this week as most market participants opted to stay on the sidelines whilst investors took advantage of purchasing bonds from the short spikes noticed during the week.

Reserve’s dovish stance. The Dollar Index, which tracks the greenback against a basket of six other currencies, was down at 91.710.

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