Business

CSE achieves milestone of Rs. 5 trillion closing market capitalization

Published

5 years ago

2021/12/1

By Hiran H.Senewiratne

The CSE has achieved a significant milestone of Rs. 5 trillion closing market capitalization with bullish investor sentiment being sustained yesterday, stock market analysts said.

CSE would have closed even on the previous day on the milestone as the ASPI recovered mid-day after falling in early trading but couldn’t sustain the rally. However, market capitalization amounted to Rs. 5 trillion yesterday, stock market analysts said. Year-to-date (YTD) the CSE’s value is up by a whopping 69 per cent. Thanks to the sustained bullish sentiment among local investors, market capitalization yesterday was around 30 per cent of GDP as against 20 per cent last year.

The market closed on the up yesterday while posting a healthy Rs. 10 billion in turnover, with over 350 million shares traded with four crossings. Crossings were reported in Chevron Lubricants, which crossed two million shares to the tune of Rs 213 million, its shares traded at Rs 106.50, Expolanka Holdings 500,000 shares crossed for Rs 140.5 million, its shares traded at Rs 281, Softlogic Holdings 1.8 million shares crossed for Rs 26.1 million, its shares traded at Rs 14.50 and Hayleys Fabriks 625,000 shares crossed for Rs 24.6 million, its shares traded at Rs 39.50.

Both induces moved upwards. The All- Share Price Index went up by 238 points and S and P SL20 rose by 70.2 points. Top seven contributors to the turnover were Expolanka Holdings Rs 1.7 billion (6.2 million shares traded), Browns Investments Rs 1.6 billion (119 million shares traded), LOLC Holdings Rs 586 million (three million shares traded), Expack Corrugated Cartoons Rs 411 million (17.1 million shares traded), Hayleys Rs 366 million (3.3 million shares traded) and LOLC Finance Rs 282 million (10.2 million shares traded).

Another looming milestone though is the negative year to date net foreign outflow, which is nearing Rs. 50 billion. As of the previous day, it amounted to Rs. 49.87 billion. This is on top of a record Rs. 51 billion outflow last year. With a month more, the 2021 figure is likely to be a new high, market sources said.

Amid those developments the stock market was positive at the outset and during the first half of the session profit takings were noted and later on the market reached 200 points and gained by 2.13 percent. Yesterday heavy buying behaviour was noted in Expolanka Holidings, which became the largest listed compnay in the stock market. its share price appreciated by seven percent or Rs 18. Its share price moved to Rs 283 from Rs 263.50 while contributing 150 points to the All- Share Price Index. Most profitable listed corporate Expolanka Holdings saw its market value surpass the half-a-trillion mark to close yesterday at Rs. 515.1 billion or over 10 per cent of the CSE’s total.

Last year, Expolanka was ranked at number 13 with a market capitalization of only Rs. 56.7 billion and 2020 closing price of Rs. 29. Yesterday’s standing reflects a near ten-fold increase, or up by Rs. 460 billion, year-to-date. Expolanka, which has been the most consistent performer this year, saw 7.22 million shares change hand via 4,714 trades for Rs. 1.86 billion.

Analysts said if one had invested Rs. 1 million in Expo shares in November 2020 (at Rs. 26 per share) the value of that would have been worth over Rs. 10 million as of now.

Further, several LOLC Group of companies, LOLC Holdings, Browns Investments and Brown and Company share prices gained significantly. LOLC Holdings share price appreciated by Rs 75 or 8 per cent. Its share price shot up to Rs 983 from Rs 907.25, Browns Investments share price appreciate by six per cent or 80 cents. Its share price shot up to Rs 14.10 from Rs 13.30 and the Brown and Company share price appreciated by Rs 21.25 or nine per cent. Its share price shot up to Rs 277 from Rs 248.25. During the day 350 million share volumes changed hands in 62000 transactions.

Yesterday, the US dollar rate was Rs 202.72, which was the controlled price of the Central Bank.

All News Advertisement

Business

HNB Finance strengthens Board with four independent directors

Published

3 hours ago

2026/09/13

Thilina Walpola

Newly appointed HNB FINANCE PLC Independent Non- Executive Directors (from left): Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi

HNB FINANCE PLC has strengthened its Board with the appointment of four Independent Non-Executive Directors, effective September 8, 2026.

The new directors are Renuke Wijayawardhane, Shanti Gnanapragasam, Nabiha Mohamed and Dr. Thisuri Wanniarachchi, who collectively bring extensive experience in financial regulation, banking, risk management, corporate finance, investment strategy, development finance and public policy.

Wijayawardhane, an Attorney-at-Law and capital market professional, retired in July 2025 as Chief Regulatory Officer of the Colombo Stock Exchange after more than 31 years with the Exchange. His experience covers securities regulation, corporate governance, market infrastructure and compliance.

Gnanapragasam has over four decades of banking experience spanning treasury, risk management, credit and trade finance. She currently serves as an Independent Non-Executive Director of Cargills Bank, Wealth Trust and Vision Fund Lanka.

Mohamed is a corporate finance and investment professional who previously served as Lead Transaction Advisor at the State-Owned Enterprise Restructuring Unit of the Ministry of Finance, where she led five divestiture transactions worth over US$600 million.

Dr. Wanniarachchi brings over a decade of experience in development finance, institutional reform and social protection, including work with the World Bank and the Government of Sri Lanka.

Business

Prime Residencies hands over The Palace Gampaha

Published

3 hours ago

2026/09/13

Thilina Walpola

Prime Group Chairman Premalal Brahmanage speaking at the event

Prime Lands Residencies PLC has completed and officially handed over The Palace Gampaha, described as the largest planned gated residential community in Gampaha, to its homeowners.

The development, which commenced construction in 2021, is located two kilometres from Gampaha town and 100 metres from the Colombo-Kandy main road.

Spread across 13.5 acres, The Palace Gampaha comprises 480 two- and three-bedroom apartments in a ground-plus-three-floor development, with prices starting from Rs. 27.5 million.

The project allocates about 80% of its land to landscaped areas and common facilities, while the remaining 20% is used for apartment development. Facilities include a swimming pool, gymnasium, clubhouse, library, community kitchen, laundry, mini-mart and a daycare centre managed by the Lyceum Group.

The fully gated community also incorporates solar power for common areas, underground electricity cabling and a sewage treatment plant with water recycling facilities.

Prime Residencies said all statutory approvals required for the handover had been secured, including certifications from the Condominium Management Authority and registration of the Condominium Plan and Deed of Declaration.

Prime Group Chairman Premalal Brahmanage said the project reflected the company’s vision of creating large-scale residential communities designed to enhance the quality of life of Sri Lankan families.

The project is the latest addition to Prime Group’s portfolio of more than 70 gated community and apartment developments.

Business

SLANA warns NVOCC business losing ground amid THC concerns

Published

3 hours ago

2026/09/13

Thilina Walpola

SLANA Chairperson Swabha Wickramasinghe presenting a memento to Minister of Ports and Civil Aviation Anura Karunathilaka at the eventually

Sri Lanka’s Non-Vessel Operating Common Carrier (NVOCC) sector is losing ground despite the expansion of the industry in several regional markets, Sri Lanka Association of NVOCC Agents (SLANA) Chairperson Swabha Wickramasinghe said.

Wickramasinghe, re-elected for a third consecutive term at SLANA’s ninth Annual General Meeting last week said the continued difficulty in collecting Colombo Terminal Handling Charges (THC) as a separate land-based cost was among the key challenges facing the industry.

She said the practice placed Sri Lanka at a competitive disadvantage as principals consider the overall economics of operating through Colombo.

“When Sri Lanka becomes less commercially attractive compared with other regional destinations, the consequences eventually reach our members,” she said.

Wickramasinghe said a committee had been proposed at a recent meeting with the Minister and Deputy Minister to evaluate the THC issue, urging the authorities to expedite its appointment and review.

She also called for an early solution to the problem of uncleared salt containers at the Port of Colombo, which has resulted in delays in releasing empty containers.

With more than 75 NVOCC lines operating in Sri Lanka, she stressed the sector’s importance to regional trade, particularly links with India and China.

Ports Minister Anura Karunathilaka said Sri Lanka should expand regional business while exploring areas such as bunkering, freight forwarding and e-commerce logistics.