Business
Uncertainties triggered by protests take a toll on CSE investor sentiment
By Hiran H. Senewiratne
CSE trading activities were negative and volatile throughout yesterday and mid-day shares edged down, as investors await more macroeconomic cues on decisions for a finalized IMF agreement, an analyst said.Investors are sticking on the sidelines, due to mass protests against the government’s tax policies which have created some uncertainties and blunted investor sentiment. Due to these uncertainties the Treasury Bill auction was not oversubscribed the previous day, the analyst added.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 25 points and S and P SL20 went down by 12 points. Turnover stood at Rs 1.2 billion with three crossings.
Those crossings were reported in JKH, whose 731,000 shares crossed to the tune of Rs 105 million, its shares traded at Rs 144.25, Sigiriya Village 886,000 shares crossed for Rs 55.8 million, its shares fetched Rs 63 and JAT Holdings 3.7 million shares crossed to the tune of Rs 58.9 million, its shares traded at Rs 14.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 202 million (1.4 million shares traded), Expolanka Holdings Rs 101.9 million (549,000 shares traded), TJ Lanka Rs 77.2 million (two million shares traded), Softlogic Life Insurance Rs 73 million (584,0000 shares traded), Softlogic Capital Rs 37.9 million (2.3 million shares traded), Asia Hotel Properties Rs 36.3 million (1 million shares traded) and Capital Alliance Rs 36.2 million (1.3 million shares traded). During the day 44.6 million share volumes changed hands in 11000 share transactions.
However, shortly the market picked up on a steady uptrend as Banking and Diversified Financials sector counters rallied following the President’s speech. Although the index crossed the 9,000-level by mid-day, it failed to sustain the positive momentum.
It is said high net worth and institutional investor participation was noted in Teejay Lanka and JKH. Mixed interest was observed in Tokyo Cement Company non-voting, Softlogic Life Insurance and Expolanka Holdings, while retail interest was noted in Browns Investments, LOLC Finance and Softlogic Capital.
The Capital Goods sector was the top contributor to the market turnover (due to John Keells Holdings), while the sector index lost 0.31%. The share price of JKH decreased by Rs. 1.50 to Rs. 144.
The Materials sector was the second highest contributor to the market turnover (due to Tokyo Cement Company non-voting), while the sector index decreased by 0.75 per cent. The share price of Tokyo Cement Company non-voting lost Rs. 1.10 (3.24 per cent) to Rs. 32.90.Yesterday, the Central Bank’s US dollar buying rate was Rs 359.40 and the selling rate Rs 370.27.
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.
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