Proposed wage increase causes decline in plantation stock prices

Proposed wage increase causes decline in plantation stock prices

Proposed wage increase causes decline in plantation stock prices

Written by Staff Writer

16 Jan, 2020 | 9:38 pm

COLOMBO (News 1st) – Cabinet approval was granted this week to increase the wage of estate workers to Rs 1000.

Following this decision, plantation stock prices declined.

Amidst thin trading, Maskeliya Plantations share fell 8% to Rs9-10, while Balangoda Plantations fell 3.48% to Rs11-10 and Kotagala Plantations, which had fallen as low as 5.8% in early trading, pared off with a 1.45% fall to Rs 6.80 at end of the day’s trade.

Of 21 plantation stocks being traded, 11 fell while 4 gained and the wage increase would hit the tea industry firms the hardest.

The Colombo Stock Exchange closed negative today, with the All Share Price Index dropping by 0.46% to 5,940.99 and the S&P SL20 dropping 0.80% to 2,807.22.

 

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