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Anticipated global recession dampens local share market; indices down

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By Hiran H.Senewiratne

The CSE performed negatively yesterday due to internal political instability and the global recession situation expected towards the year end. This resulted in all equity markets coming down yesterday, including that in Sri Lanka, stock market analysts said.

Last Friday, the Dow Jones Industrial Average Index and S and P SL20 index were down. Due to that all Asian and European stock markets or equity markets performed negatively yesterday.

Amid those developments both indices performed negatively. All Share Price Index went down by 82.4 points and S and P SL20 declined by 16.3 points. Turnover stood at Rs 744 million with a crossing. The crossing was reported in Melstacorp, which crossed 2.2 million shares to the tune of Rs 90.2 million; its shares traded at Rs 41.

In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 100.7 million (1.2 million shares traded), Browns Investments Rs 86.7 million (11.7 million shares traded), Hayleys Rs 57.4 million (795,000 shares traded), Expolanka Holdings Rs 44.6 million (256,000 shares traded), CIC (Non- Voting) Rs 29.4 million (one million shares traded), EML Consultants Rs 28.9 million (5.7 million shares traded) and JKH Rs 23.9 million (199,000 shares traded). During the day 46 million share volumes changed hands in 11000 transactions.

However, the secondary bond market yields decreased considerably during the week ending 22 July 2022, continuing the downward momentum witnessed over the latter part of the previous week. The increase in demand at the weekly Treasury bills auction which saw weighted average rates decreasing across the board for the first time in five weeks coupled with an improvement in investor sentiment were seen as the reasons that led to the downward momentum.

Yesterday, the Central Bank announced US dollar buying rate was Rs 357.46 and the selling rate Rs. 368.50. It is said that the rupee depreciation against the US dollar has been controlled due to the Central Bank’s prudent monetary policies.



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JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification

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JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).

JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.

Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.

A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.

Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:

“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”

The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.

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Industry bodies flag gaps in Draft National Electricity Policy

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The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.

Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.

The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.

The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.

Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.

The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.

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Bank of Ceylon partners with 36th APB Sri Lanka Convention

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Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.

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