Reuters - Sri Lankan stocks edged down on Tuesday from its 18-month closing high hit in the previous session as investors booked profits in blue chips, while concerns over a proposed tax bill weighed on overall sentiment.
The Colombo stock index ended 0.15 percent weaker at 6,748.15, slipping from its highest close since Jan 7, 2016 hit on Monday.
"The index is down on profit-taking, but the good thing is that retail participation has increased," said Dimantha Mathew, head of research, First Capital Holdings PLC.
"There was less foreign participation today."
Foreign investors net bought 42.3 million rupees ($275,391) worth of shares on Tuesday, extending their year-to-date net inflows to 22.9 billion rupees worth of equities.
Analysts said new foreign investors have been buying Sri Lankan shares since the Pakistani bourse was upgraded to emerging market status from frontier market.
Metropolitan Telecom Services, the fastest growing communications and handset distributors in Sri Lanka, unveiled the new Micromax X1i 2017, catering to the surge in demand for feature phones.
Introduced at an attractive price point, the phone is getting the attention of a new generation of consumers who opt for a feature phone as their second phone as well as among budget conscious consumers who want a sleek and sturdy phone with minimum investment.
The device has a 2.4-inch colour screen and an alphanumeric keypad, featuring a 11 Hour battery life on standby and 8 hours of talk-time on a single charge depending on the network conditions.
Tim Castree, Global CEO of MEC and GroupM’s ‘NewCo’ today announced that Namalie Herath, General Manager, MEC Sri Lanka will take on the role of CEO of the newly combined MEC and Maxus 'NewCo' agency in Sri Lanka when it launches in January 2018.
Namalie will lead a new team in the ‘NewCo’ agency which will include the very best talent from both MEC and Maxus.
Namalie has led MEC Sri Lanka since 2013, playing an instrumental role in transforming the business into a modern, digitally-led agency. She also steered MEC through its exponential growth in 2015 / 2016, adding a significant number of new clients to the agency’s portfolio.
The new role is effective January 2018.
Tim Castree, CEO of MEC and NewCo commented: “We’re merging Maxus and MEC to form a brand new billion dollar revenue media, content and technology agency, dubbed ‘NewCo’ for now. With such ambition, comes a need for brilliant talent to lead and inspire, and so today’s news is very exciting for us. Under Namalie’s leadership, I am confident that we have the right team in place to truly blend the best of MEC and Maxus and make NewCo Sri Lanka a formidable future-facing agency.”
Namalie, a Graduate of the University of Colombo, started her career as a Media Planner at JWT in 1992. Moving to Bates Strategic Alliance as a founding team member, she created and led the media operation for the agency. Namalie Joined GroupM in 2013 as the General Manager of MEC.
Namalie has gained extensive experience from having worked on many brands throughout her career; both local and multinational, and across many industries.