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CSE closes 26 minutes before ending time as S&P SL20 plunges

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By Hiran H.Senewiratne

The CSE closed 26 minutes before its official ending time yesterday after the S&P SL20 index plunged more than 5 per cent, led by stock market heavyweights, stock market analysts said.

The main reason for the plunge was because two major index- weighted companies, namely, Expolanka Holdings and Lanka IOC, witnessed heavy profit- takings.

Meanwhile, two major global banks, Swiss Bank in Switzerland and Deutsche Bank AG, a German multinational investment bank and financial services company, are facing a risk of collapsing, which is known as “Credit Suisse Risk”. Market analysts predict something worse than the 2008 global recession. There the trigger factor was the “Layman Brothers” issue, stock market analysts said.

Apart from that, the UK economy is also going through a major crisis. Its new Prime Minister Liz Truss has reversed a widely criticized plan to abolish the 45 per cent top rate of income tax following a backlash from her own Conservative Party.

UK media reported yesterday morning that mere hours after insisting that the plan would go ahead, Truss had conceded that it could not go through the House of Commons.

Expolanka, being a company which has a significant presence in Europe and USA, consequently, created some panic among investors. They were worried that the issues in Europe would badly impact Expolanka’s business. As a result, heavy profit- takings were witnessed in Expolanka Holdings and its share price plummeted by Rs 20.25 or more than nine per cent. Its share price dropped to Rs 197.25 from Rs 217.50 at the end of the day.

Lanka IOC also witnessed some profit- takings due to the government reducing the fuel price by Rs 20. Still, Lanka IOC has profits because they are selling at a high range when the global fuel prices are declining, stock analysts observed.

The CSE said in a statement that the market had been halted due to the S&P SL20 index dropping over 5 per cent from the previous close, in keeping with the SEC (Securities and Exchange Commission) directive dated April 30, 2020. Accordingly, the market had been halted for the rest of the day.

Amid those developments CSE heavyweight Expolanka fell 9.3 per cent, while Lanka IOC slipped 5.2 per cent, leading the index fall. The main All- Share Price Index (ASPI) fell 3.8 percent or 281 points, while the more liquid S&P SL20 dropped 4.9 per cent or 156.0 points when the market halted.

The turnover stood at Rs 2.5 billion without a single crossing/arranged transactions. In the retail market top seven companies that were mainly contributed to the turnover were, Lanka IOC Rs 570 million (two million shares traded), Expolanka Holdings Rs 503.2 million (2.5 million shares traded), ACL Cables Rs 115 million (1.1 million shares traded), Royal Ceramic Rs 105.7 million (2.7 million shares traded), Chevron Lubricants Rs 92.6 million (840,000 shares traded), Browns Investments Rs 77.6 million (10.5 million shares traded) and Lanka Wall Tiles Rs 65.5 million (814,000 shares traded). During the day 125 million share volumes changed hands in 29000 transactions.

The CSE is enjoying a record net foreign inflow. In September net foreign buying was Rs. 14.7 billion, propelling the year to date figure to Rs. 15.2 billion. This is largely on account of parent SG Holdings buying into Sri Lanka’s number one listed entity Expolanka Holdings PLC.

Last year the net foreign outflow was Rs. 53 billion and in the preceding three years the outflow was Rs. 51 billion, Rs. 11.7 billion and Rs. 23 billion respectively. The previous net inflow was in 2017 at Rs. 17.6 billion.

Yesterday, the Central Bank- announced the US dollar buying rate was Rs 399.16 and selling rate Rs 369.91.



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USD 50 mn battery storage investment expected to power SL’s renewable energy push

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Arrival of the Battery Energy Storage System

Sri Lanka has taken a major step towards modernising its power infrastructure with the arrival of the country’s first commercial-scale Battery Energy Storage System (BESS), part of a USD 50 million investment expected to transform the integration of renewable energy into the national grid.

The first shipment of battery units arrived at the Port of Colombo recently for the landmark Galle and Matara BESS projects being developed by Galilee BESS (Pvt) Ltd, a subsidiary of KHEN Energy Limited. The projects are expected to play a pivotal role in enhancing grid stability, reducing renewable energy curtailment and strengthening the country’s energy security.

The shipment comprised 25 containers, including 18 battery units weighing 42 metric tonnes each, making it one of the largest and most technically demanding renewable energy cargo movements handled in Sri Lanka to date.

Energy industry officials describe the project as a milestone investment that will help bridge one of the biggest challenges facing renewable energy development—storing electricity generated from intermittent sources such as solar and wind power for use when demand peaks.

Once operational, the BESS facilities will support the National System Operator by absorbing excess renewable energy during periods of high generation and releasing it when required, thereby improving efficiency and reliability across the power network.

The technology is being supplied by global energy storage leader Sungrow Power Supply Co., Ltd., reflecting growing international confidence in Sri Lanka’s renewable energy sector and its long-term clean energy ambitions.

Beyond its energy significance, the project also highlights the increasing scale and sophistication of infrastructure investments entering the country.

Expolanka Freight (Pvt) Ltd was entrusted with the end-to-end logistics operation, overseeing customs clearance, specialised transportation, storage, unloading and final placement of the battery units at the project sites.

Finance and Project Director Fazul Ansar said the operation required extensive engineering studies, route assessments and rigorous safety planning owing to the hazardous classification and extraordinary weight of the cargo.

Head of Project Logistics Mohamed Niyas said months of preparation had gone into route surveys, lifting studies and risk mitigation planning to ensure the successful execution of the project.

Project officials said specialised multi-axle trailers and cranes with lifting capacities ranging from 100 to 150 tonnes were deployed for the operation, while access modifications and last-mile transport solutions were implemented at both project locations.

By Ifham Nizam

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AI and Data Analytics Summit 2026 drives the nation’s digital future

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Deshan Liyanage / Ransith Fernando / Prof. Lasith Gunawardena

The AI and Data Analytics Summit 2026 organised by the Sri Lanka Section of BCS, the Chartered Institute for IT was successfully held on 22nd May 2026 at Waters Edge, Colombo. The high-impact summit themed “Next Generation AI & Data Analytics: Skills & Thoughts for the Intelligent Future” brought together senior policymakers, global technology experts, industry leaders, academics, and innovators to explore how Artificial Intelligence (AI) and Data Analytics are reshaping the nation’s digital and economic future.

The event, endorsed by the Ministry of Digital Economy, was graced by Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy, who attended as the Guest of Honour, underscoring the government’s strong commitment to advancing AI adoption, digital innovation, and data-driven governance in support of Sri Lanka’s broader public sector transformation agenda. Dr. Sadeep Jayasumana, Chief Scientist at Octave, delivered the keynote address on Generative AI, sharing insights into its transformative potential.

Speaking on the significance of the summit, Prof. Lasith Gunawardena, Chairman the Sri Lanka Section of BCS, the Chartered Institute for IT noted that Artificial Intelligence and Data Analytics have become present-day enablers of innovation, economic growth, and societal progress. He emphasized that the summit was guided by BCS’s purpose of Making IT Good for Society and by the national need to bring together thought leaders, practitioners, policymakers, and industry experts to foster collaboration, knowledge sharing, and the responsible adoption of transformative technologies, thereby strengthening Sri Lanka’s digital readiness and supporting a resilient, inclusive, and globally competitive digital economy.

Ransith Fernando, Chair of the summit mentioned ” This year’s summit brought together 21 speakers who shared valuable insights, ideas, and experiences. We heard inspiring success stories, gained practical knowledge from industry practitioners, and explored strategic perspectives from business leaders. These conversations highlighted both the opportunity and the responsibility before us. While innovation is accelerating globally, Sri Lanka must align policy, talent, and industry readiness to truly operationalize AI at scale and ensure an inclusive and sustainable digital transformation.”

Deshan Liyanage, Co-Chair of the AI and Data Analytics Summit 2026 commented that this year’s summit was a fully sold-out event, reflecting the growing national momentum around Artificial Intelligence and Data Analytics in Sri Lanka. He extended heartfelt gratitude to all participants who joined and contributed to the success of the summit, as well as to the sponsors whose support made the event possible. Special appreciation was conveyed to Sysco LABS as the Strategic Partner, Linear Six as the Bronze Partner, InTalent Asia as the Resource Partner, and Motivista as the Event Partner. He also acknowledged the valuable collaboration of industry associations including SLASSCOM, FITIS, and CSSL, whose partnership helped strengthen and elevate the initiative.

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Eswaran Brothers empowers women through a transformative leadership journey

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Participants of Eswaran Brothers Exports’ She Transforms leadership development programme

As part of its commitment to advancing women’s empowerment and building a stronger leadership pipeline, Eswaran Brothers Exports (EB), a leading tea manufacturer in Sri Lanka, launched its flagship women’s leadership initiative, She Transforms, a customized six-month leadership development journey. Developed with award-winning leadership expert Senela Jayasuriya and supported by Value for Women, the programme forms a key pillar of the Company’s wider gender agenda focused on leadership capacity building, inclusion and long-term institutional change.

Women make up 44% of Eswaran Brothers’ workforce, yet only 23% held senior roles at the time of an initial gender diagnostic conducted with Value for Women and supported by FMO, the Dutch Development Finance Bank. The assessment found that despite their potential, many women faced unclear career pathways and limited structural support at critical life stages.

In response, Eswaran Brothers introduced strategic mindset and policy interventions designed to remove barriers and create a more enabling environment for women to grow and lead. These efforts included mentorship opportunities, enhanced support for employees returning from maternity leave, coaching for managers, and initiatives aimed at strengthening inclusion and career progression across the organization.

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