Business
Both CSE indices dip but turnover exceeds Rs. 12 billion
By Hiran H.Senewiratne
CSE trading activities yesterday started on a bullish note but subsequently showed some selling pressure due to Standard and Poors’, a rating agency, cutting the outlook of Sri Lanka’s CCC+ rating to negative as foreign reserves fell below two months’ imports, market analysts said. However, although both CSE indices slid, turnover was healthy.
“We revised our outlook on Sri Lanka to negative to reflect our views that the government may face an increasingly challenging financing environment over the next 12 months, S&P sources said in its report.
“The negative outlook reflects our expectation that Sri Lanka’s financing environment may get more difficult over the next 12 months. This would affect Sri Lanka’s ability to service its debt. The country’s external position remains a key vulnerability on the rating, S&P sources said.
The rating agency said reserves had fallen below 3 billion US dollars or less than two months of import cover.
All Share Price Index went down by 63.07 points and S and P SL20 declined by 42.16 points. Turnover stood at Rs. 12.85 billion with three crossings. Those crossings were reported in JKH, where 1,000,000 shares crossed to the tune of Rs. 135 million, its shares traded at Rs. 130.50, LB Finance 1,000,000 shares crossed for Rs. 63 million, its shares traded at Rs. 63 and Sanasa Development Bank 725,000 shares crossed for Rs 36.6 million, and its shares traded at Rs. 50.50.
In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 4.79 billion (446 million shares traded), Expolanka Holdings Rs. 1.8 billion (12.6 million shares traded), Dipped Products Rs. 1.28 billion (18.4 million shares traded), LOLC Holdings Rs. 1.15 billion (1.8 million shares traded) and Hayleys PLC Rs. 584 million (5.2 million shares traded). During the day 650 million share volumes changed hands in 6600 transactions.
Sri Lanka’s Expolanka Holdings said it had bought a 100 percent stake in US-based IDEA Logistics LLC, through two overseas units for US $ 97 million.
“EFL Global Logistics (Pte.) Ltd (Singapore) and EFL Global LLC (USA), fully owned subsidiaries of Expolanka Holdings PLC, have acquired 100 percent equity interest in IDEA Logistics LLC and its Group of Companies on the 10th August 2021 for a total purchase consideration of US $ 9.7 million, the firm said in a stock exchange filing.
IDEA Logistics LLC is a Central American logistics company headquartered in the United States, servicing a range of US customers, offering freight forwarding, warehousing and trucking services.
Further, LOLC Holdings PLC, with its robust Micro, Small and Medium Enterprises-based (MSMEs) business model said it is expanding the global footprint with three parallel investments in Tajikistan in Central Asia as well as Malawi and Tanzania in East Africa.
In a significant move for Sri Lanka’s tourism sector, NKAR, a stalwart in the industry for over 45 years, has announced a partnership with Holiday Max, Australia’s largest tour operator. Based in Perth, Holiday Max has ventured into Sri Lanka for the first time, marking a promising expansion for both entities.
This collaboration aligns with NKAR’s strategic vision to enhance the country’s appeal to international travelers. Nilmin Nanayakkara, Chairman and Managing Director of NKAR says, “Our policy has always been to promote Sri Lanka to new markets by attracting new operators, rather than competing through price undercutting or making unrealistic promises.” This statement encapsulates NKAR’s commitment to fostering sustainable tourism growth by focusing on quality over cost.
By prioritsing service excellence and maintaining high health and safety standards, NKAR aims to elevate the overall travel experience for visitors. This approach not only positions Sri Lanka as a premium destination but also attracts reputable operators like Holiday Max, who are drawn to the island’s unique experiences and NKAR’s dedication to quality service.
The partnership represents a remarkable opportunity to showcase Sri Lanka’s diverse offerings to Australian travelers, potentially opening new avenues for tourism growth. As NKAR continues to innovate and adapt, this collaboration is set to bolster Sri Lanka’s standing as a sought-after travel destination, steering the industry away from aggressive price competition towards sustainable growth through authentic experiences.
By focusing on attracting new operators and markets, NKAR is paving the way for a revitalised tourism landscape in Sri Lanka, one that values quality, safety, and the unique charm of the island. NKAR is recognised as one of the top five destination management companies in Sri Lanka. The company recently won 3 major awards at Sri Lanka Tourism Awards.
By Sanath Nanayakkare
LOLC Finance secured five Gold Awards and one Merit Award at the LankaPay Technovation Awards 2025, including the prestigious Overall Excellence in Digital Payments Gold Award for the sixth consecutive year.
The company dominated both bank and NBFI categories, winning Best Digital Strategy Gold Award, proving its superiority over traditional banks in digital finance.
Awards won were as follows.
Gold Awards:
Best Digital Payment Strategy (Banks & NBFI)
Best Mobile Application for Retail Payments via JustPay (Banks & NBFI)
Excellence in Customer Convenience (NBFI)
Financial Inclusivity (NBFI)
Overall Excellence in Digital Payments (NBFI)
Merit Award: Most Popular Digital Payment Product (iPay)
CEO Krishan Thilakaratne emphasized digitalization as core to LOLC Finance’s operations, enabling seamless, 24/7 financial access through platforms like LOLC Real Time and iPay.
Chairman Conrad Dias highlighted the audited, performance-based recognition and iPay’s mission to solve real-world financial challenges with cutting-edge tech.
iPay & JustPay innovations were Recognized for leading digital payment adoption with 1M+ downloads, 1.8M monthly transactions, and 65% JustPay market share, featuring biometric security and AI fraud detection.
Financial Inclusivity was recognized for Bridging gaps via multi-lingual services, cashless processes, and rural outreach programs.
Customer Convenience was recognized for real-time solutions (SLIPS, CEFTS) eliminating branch visits for payments and transfers.
Tree House International, located in Dehiwala, has been recognised as the Most Evidence-Based Special Needs School of the Year at BWIO Awards. The only international school in Sri Lanka dedicated exclusively to children with special needs, 75% of its students relocate from abroad for its high-quality, result-driven education.
Last semester, 100% of students transitioned to mainstream or vocational training.
The school is led by Dr. Anton James, a Chartered Behavioural Psychologist with over 20 years of global experience.
His evidence-based approach earned the highest honour from the British Psychological Society, and he was elected a Chartered Scientist. Co-directed by Chrystal Honsaker, an expert with 15 years of international special needs experience, the school also offers an accredited British curriculum alternative to GCSEs.
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