November 04, Colombo (LNW): The Colombo Stock Exchange (CSE) maintained its upward trajectory as the All Share Price Index (ASPI) climbed past the 23,000 mark, signalling renewed investor confidence and a buoyant market sentiment.
Strong buying interest across major sectors has propelled the market, attracting both retail and institutional investors eager to capitalise on current opportunities.
The exchange currently trades at a price-to-earnings (P/E) ratio of 10.13 and a price-to-book value (P/BV) of 1.51, indicating that attractive valuations remain prevalent.
Year-to-date returns have reached 44.29 per cent, underscoring the impressive performance of the Sri Lankan equity market in 2025.
Market turnover has been substantial, with cumulative trading for the year reaching LKR 1.06 trillion and total market capitalisation expanding from LKR 5.84 trillion to LKR 8.17 trillion, reflecting significant value creation. Average daily turnover continues to remain strong at roughly LKR 5.36 billion, demonstrating sustained investor participation.
CSE’s ASPI Surpasses 23,000 as Market Momentum Strengthens
Over 1,200 Arrested in Nationwide Anti-Drug Campaign
November 04, Colombo (LNW): A major nationwide operation targeting illegal narcotics, conducted under the banner “Nation United – National Drive,” resulted in the arrest of more than 1,200 people yesterday (03), the Police Media Division reported.
Authorities carried out 1,273 raids across the country, leading to the detention of 1,264 suspects. Investigations into illicitly acquired assets have been launched against one individual, while 32 others remain under further inquiry as part of ongoing detention orders.
The operation also identified eight individuals struggling with drug addiction, who have been referred to rehabilitation programmes.
In addition to arrests, police confiscated substantial quantities of narcotics, including 1 kilogramme and 227 grams of crystal methamphetamine (‘Ice’) and 909 grammes and 82 milligrammes of heroin, alongside other controlled substances.
Government Making Steady Progress in Cutting Budget Deficit
November 04, Colombo (LNW): Professor Priyanga Dunusinghe of the University of Colombo’s Department of Economics has stated that the current administration has achieved a consistent reduction in the national budget deficit through a more disciplined fiscal approach.
Speaking at a press conference in Colombo, Professor Dunusinghe rejected claims that the government had taken on a significant volume of new debt over the past year, describing such assertions as misleading. He explained that, owing to limited access to international credit markets and bilateral financing, most recent borrowing had been sourced domestically.
“Even major multilateral lenders are now offering fewer concessional loans than before,” he said. “While a deficit persists, the government’s reliance on domestic borrowing has not been excessive. In fact, data shows a clear downward trend in the budget deficit.”
He further noted that projections for 2026 point to a continued decline in government borrowing, reinforcing the view that fiscal management under the present administration remains cautious and controlled.
Meanwhile, Minister of Health and Mass Media, Dr Nalinda Jayatissa, remarked that the government had inherited an economy under considerable strain and was therefore compelled to align its spending with the country’s actual financial capacity.
The Minister emphasised that boosting state revenue had been a central objective of the administration, with several government institutions already surpassing their revenue targets. He added that greater attention was now being paid to ensuring that tax income — estimated between Rs. 3,000 and 4,000 billion annually — is directed towards planned and purposeful public expenditure, aimed at maximising benefits for the wider population.
Sri Lanka Customs to Launch Digital E-Tendering System for Auctioned Goods
November 04, Colombo (LNW): Sri Lanka Customs has revealed plans to implement a digital e-tendering platform for the sale of confiscated items, marking a significant step towards modernising its auction process.
The announcement was made during a session of the Parliamentary Committee on Standing Orders, presided over by MP Wijesiri Basnayake. The meeting brought together committee members, the Director General of Customs, Seevali Arukgoda, and several senior officials to discuss ongoing reforms within the department.
According to Customs representatives, the upcoming e-tendering system aims to enhance transparency, efficiency, and accessibility in the disposal of seized goods, while minimising opportunities for irregularities in the auction process.
Former Finance Ministry Secretary Arrested Over Alleged Misuse of Public Funds
November 04, Colombo (LNW): Charitha Ratwatte, who once served as Secretary to the Ministry of Finance and as a senior advisor to a former Prime Minister, has been taken into custody by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) in relation to a major financial irregularity.
The arrest concerns an inquiry into the 2015 purchase of 50 temporary storage facilities, reportedly brought into the country through the Sri Lanka State Trading Corporation at a cost exceeding Rs. 90 million.
Investigators allege that the procurement was carried out in breach of standard government procedures and without sufficient justification for the expenditure.
Sharp Decline in Polythene Bag Use Following New Regulations
November 04, Colombo (LNW): The Ministry of Trade has announced a notable reduction in the use of polythene bags across Sri Lanka after the enforcement of new regulations prohibiting retailers from distributing them free of charge.
Prior to the rule taking effect, it was estimated that around 20 million polythene bags were used daily throughout the country.
However, within just two days of the regulation’s introduction on 1 November, a prominent supermarket chain reported a 50 per cent decrease in the number of bags issued to customers.
According to the Ministry, the initiative expects to curb plastic pollution and mitigate the environmental damage caused by single-use polythene. Officials expressed optimism that the change in consumer behaviour seen in the early days of implementation indicates growing public awareness of environmental responsibility.
Vatican’s Foreign Affairs Chief Meets Sri Lankan Prime Minister During Official Visit
November 04, Colombo (LNW): Archbishop Paul Richard Gallagher, the Vatican’s Secretary for Relations with States and International Organisations, has met with Prime Minister Dr Harini Amarasuriya during his official visit to Sri Lanka. The discussion took place at Temple Trees, the Prime Minister’s official residence, according to a statement from her office.
He was accompanied by Rev. Monsignor Roberto Lucchini, Chargé d’Affaires of the Holy See’s Embassy in Colombo, and Rev. Monsignor Tomislav Zubac, Second Secretary of the Vatican Secretariat of State.
Archbishop Gallagher arrived in the country on November 03 and is scheduled to remain until 8 November, as confirmed by the Ministry of Foreign Affairs. His visit comes at the invitation of Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, to mark half a century of diplomatic relations between Sri Lanka and the Holy See.
During his stay, the Archbishop is expected to meet with President Anura Kumara Dissanayake and take part in a special commemorative event in Colombo celebrating the 50th anniversary of diplomatic ties. He is also set to deliver an address at the ceremony, which will highlight the enduring partnership between the Vatican and Sri Lanka.
In addition to official engagements, Archbishop Gallagher’s itinerary includes visits to culturally and spiritually significant sites across the island, including churches impacted by the Easter Sunday attacks of 2019, as part of efforts to express solidarity and strengthen interfaith dialogue.
CID Warns Public of Surge in WhatsApp-Based Financial Scams
November 04, Colombo (LNW): The Criminal Investigation Department (CID) has reported a sharp increase in complaints linked to individuals being deceived into transferring money through fraudulent WhatsApp messages.
Assistant Superintendent of Police W. G. Jayanethsiri revealed that the department has received a significant number of such reports in recent days, urging users to remain vigilant when communicating via WhatsApp and other messaging platforms.
Explaining how the scam unfolds, he noted that fraudsters typically impersonate well-known or respected individuals by using phone numbers linked to their identities. They then send messages crafted to appear genuine — often referencing routine activities such as online meetings or professional discussions.
Victims are invited to join a supposed virtual meeting through a link, followed by a request to share a verification code allegedly needed for participation. However, this code is in fact a One-Time Password (OTP) sent by WhatsApp itself. By obtaining this OTP, scammers gain complete control of the victim’s WhatsApp account, giving them access to personal information, messages, and contacts.
Once in control, the impostors send messages to the victim’s friends, colleagues, or family members, claiming to face an emergency and requesting money transfers. Many recipients, trusting the apparent sender, send funds before realising they have been deceived.
ASP Jayanethsiri cautioned that many victims only discover their accounts have been compromised after several days, by which time multiple people may already have fallen prey to the scheme. He urged the public to avoid sharing verification codes or personal information through messaging apps and to verify any unusual requests directly via a phone call or in-person confirmation.
GovPay Surpasses Rs. 1 Bn in Digital Transactions for Government Services
November 04, Colombo (LNW): Sri Lanka’s GovPay digital payment platform has crossed a major milestone, processing transactions exceeding Rs. 1 billion since its launch, according to the Ministry of Digital Economy.
Designed to simplify and secure payments for public services, GovPay enables both individuals and businesses to settle a wide range of government dues online — including taxes, fines, educational fees, utility bills, and other official charges — through banks and approved digital finance systems.
Official figures released on November 03 indicate that 40,969 transactions, totalling Rs. 1,007,997,008, have been completed so far via GovPay, covering 200 government agencies across the island.
The initiative, administered by LankaPay under the oversight of the Information and Communication Technology Agency (ICTA) and the Central Bank of Sri Lanka, has been credited with improving efficiency, accountability, and transparency in state financial management. By digitising payment processes, the platform aims to reduce manual handling of funds while ensuring real-time traceability and accuracy.
GovPay was officially launched in February 2025 under the guidance of President Anura Kumara Dissanayake and the Minister of Digital Economy. The project continues to expand in stages, with further integration planned to bring additional public services into the digital payment ecosystem.
Chemmani Mass Grave Excavation Delayed After Heavy Rainfall Floods Site
November 04, Colombo (LNW): The planned third phase of excavation at the Chemmani mass grave has been temporarily halted after heavy rainfall caused significant water accumulation within the burial area.
Authorities confirmed that excavation work could not proceed under the current conditions, as the standing water has made the site unsafe and unsuitable for further digging. During the first two stages of excavation, investigators uncovered 240 sets of human skeletal remains, of which 239 were exhumed for forensic examination.
A delegation, including Jaffna Magistrate S. Lenin Kumar, the Judicial Medical Officer, and a group of legal representatives, recently visited the location to review progress and discuss the next steps. Upon inspection, the team noted that persistent rain had submerged sections of the site, making it impossible to continue excavation until the area is properly drained and stabilised.
Although funds for the third phase have already been secured, officials have agreed to delay further work until conditions improve.
The inspection team is scheduled to return to Chemmani on January 19, 2026 to re-evaluate the situation and determine a suitable date to resume operations.
The Chemmani site remains one of the most controversial mass graves in the region, with investigators committed to ensuring that all remains are recovered and examined with the utmost care and respect.