Business
CSE indices hike to record levels; turnover touches Rs. 4.17 billion
By Hiran H. Senewiratne
CSE trading activities were positive from the beginning yesterday and shares rosé to register their highest close in more than three and a half months. Of particular importance was the news that Paris Club members had expressed their willingness to provide financial assurances on Sri Lanka’s debt restructuring effort.
This had the effect of boosting investor sentiment at the bourse, market analysts said. Moreover, CSE turnover reached the record level of Rs. 4.17 billion, which process was punctuated by five crossings.
Shares of the banking and insurance sectors rose, especially those of Commercial Bank, Sampath Bank and HNB.Amid these developments both indices moved up to record levels. The All- Share Price Index rose by 166.32 points and S and P SL-20 by 53.4 points.
The five crossings were reported in Nations Trust Bank, which crossed 25.25 million shares to the tune of Rs 1.3 billion, its shares traded at Rs 54, JKH 1.8 million shares crossed for Rs 266 million and its shares fetched Rs. 144 , Dialog Axiata 6.49 million shares crossed to the tune of Rs 6.49 million and its shares traded at Rs 10, TJ Lanka 550,000 shares crossed to the tune of Rs 38 and Lankem Ceylon 200,000 shares crossed for Rs 20.4 million; its shares traded at Rs 102.
In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 562 million (3.8 million shares traded), TJ Lanka Rs 295 million (7.4 million shares traded), Aitken Spence Rs 290 million (1.9 million shares traded), Softlogic Capital Rs 190 million (11.3 million shares traded), Expolanka Holdings Rs176 million, Lanka IOC Rs. Rs 104.2 million (522,000 shares traded) and Softlogic Life Rs 91 million (707,000 shares traded). During the day 106.8 million share volumes changed hands in 15000 transactions.
The gainers for the day were, JKH, Commercial Bank, Sampath Bank and T J Lanka. Buying interest was noted for JKH stocks by foreign investors. Yesterday retail and institutional participation was at a high level, besides the high turnover mark.Yesterday, the Central Bank- announced daily US dollar buying rate was Rs 360 and the selling rate Rs 370.35.
Business
ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka
The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.
The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.
“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”
Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.
Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.
Business
USD 40.84m pipeline to secure aviation fuel supplies to BIA
By Ifham Nizam
The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.
Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.
‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.
The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.
The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.
Business
CSE activity up, turnover weak at Rs. 1.4 billion
By Hiran H Senewiratne
Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.
Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.
In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.
The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.
Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.
Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.
-
Editorial6 days agoBirth of a bad law
-
News4 days agoPolice remove Thileepan statue in Jaffna
-
News6 days agoTIN mandatory for key transactions from Nov. 1
-
Features4 days agoThe 22nd Amendment, constitutional recovery and illiberal slippage
-
Features4 days agoOf foreigners as CEOs of Lankan ventures
-
News4 days agoSajith rejects Jt. Opp. protest sabotage claim; SJB TU chief demands remedial action
-
Latest News2 days agoGold winner Tharanga gets brand-new Honda Vezel from SLAAJ
-
Features3 days agoThailand’s biggest new global star …
