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| Wednesday, 7 January 2004 |
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Business in brief South Asia ministers sign agreement on free trade ISLAMABAD, Tuesday, (Reuters) - South Asian Foreign Ministers signed a framework pact on a free-trade area on Tuesday, the final day of a summit that saw the first talks between India and Pakistan since 2001 and raised hopes for regional cooperation. The agreement to reduce or eliminate tariffs by the seven nations of the South Asian Association for Regional Cooperation will come into force from the start of 2006, but its success hinges on peace moves by India and Pakistan, its biggest members. SAARC's developing states - Pakistan, India and Sri Lanka - will cut tariffs to between zero and five percent within seven years of the start of the agreement. Its least developed states - Bangladesh, Nepal, Bhutan and the Maldives - have ten years to complete the process, though all members can maintain a list of sensitive products on which tariffs will not be reduced. ASPI up The market edged up at the end of trading yesterday where the All Share Price Index(ASPI) moved up 18.9 points to 1,134.3 points and the Milanka Price Index (MPI) closed at 2,051.7, up by 51.30 points. Total Return Indices on the All Share Price Index was 1,134.3 and TRI on Milanka Price Index was 2,051.6 points. Turnover for the day was Rs 223.8 million. Yesterday's trading recorded domestic purchases worth Rs 167 million and foreign purchases Rs 55 million. Large volumes of SLT, JKH and Asian Hotels were traded yesterday. The Bank, finance and insurance sector moved to 2,595.3 points from 2,2572.7 points the previous day. Hotels and travels increased to 737.4 points from 721.4, Telecom to 140 points from 131.7 and Diversified to 314.9 points from 312.6 the previous day. Keels Food, Equity Two Limited, Cocoa Lanka, Mullers and Blue Diamond were the top five gainers for the day. STC-M to market medical equipment STC-Medicals Ltd., which is currently marketing generic products under their chemical name and five branded products under their original brand names is planning to import and market medical equipment and devices in Sri Lanka soon. Among these products are equipment such as blood pressure apparatus and auto claves, while STC Medicals also plans to compete in Health Ministry Tenders for supplying medical and surgical equipment. |
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