Business
Bourse’s bullishness enhances as external bond exchange process concludes
By Hiran H.Senewiratne
The stock market was extremely bullish yesterday due to the conclusion of the external bond exchange process during the weekend. This created strong momentum in the market resulting in the All Share Price Index crossing the 14,500 mark, market analysts said.
Sri Lanka received acceptances on an offer to exchange defaulted 2022 bonds of only 73 percent, in which Hamilton Reserve, a holdout investor has a stake, according to preliminary data filed with the London Stock Exchange, market sources said.
Amid those developments, the All Share Price Index went up by 295.10 points, while S and P SL20 rose by 111.9 points. Turnover at Rs 8.27 billion with 16 crossings.
Those crossings were as follows: Ceylinco Insurance, 328,000 shares crossed to the tune of Rs 960 million; its shares traded at Rs 3000, JKH nine million shares crossed to the tune of Rs 193 million; its shares traded at Rs 21.50, C.W Mackie 1.7 million shares crossed for Rs 176 million; its shares fetched Rs 100, Aitken Spence 1.15 million shares crossed for Rs. 176 million, its shares traded at Rs 135, Sampath Bank 1.35 million shares crossed for Rs 148.5 million; its shares traded at Rs 110, Pan Asia Bank five million shares crossed to the tune of Rs 140.75 million; its shares traded at Rs 29.50, Sunshine Holdings 13 million shares crossed for Rs 120.4 million; its shares traded at Rs 91, People’s Leasing 3.9 million shares crossed to the tune of Rs 58.5 million; its shares traded at Rs 15, Hayleys 272,000 shares crossed for Rs 32.3 million; its shares traded at Rs 118.50.
Capital Alliance 500,000 shares crossed to the tune of Rs 25.7 million; its shares traded at Rs 51.50, Seylan Bank (Non- Voting) 500,000 shares crossed to the tune of Rs 24 million; its shares traded at Rs 48, Lanka IOC 200,000 shares crossed for Rs 23.3 million; its shares traded at Rs 116.50, Melstacope 200,000 shares crossed for Rs 22.7 million; its shares sold at Rs 113.50, CIC Holdings 265,000 shares crossed to the tune of Rs 21.70 million; its shares traded at Rs 82.10, LB Finance 244,000 shares crossed to the tune of Rs 20.4 million, its shares traded at Rs 83.50 and Commercial Bank 151,000 shares crossed to the tune of Rs 20.1 million; its shares sold at Rs 133.50.
In the retail market top companies that mainly contributed to the turnover were; HNB Rs 395 million (1.4 million shares traded), JKH Rs 339 million (15.71 million shares traded), LOLC Holdings Rs 302 million (552,000 shares traded), Sampath Bank 293 million (2.7 million shares traded), Access Engineering Rs 220 million (6.8 million shares traded) and Lanka IOC Rs 214 million (1.7 million shares traded). During the day 211million share volumes changed hands in 36000 transactions.
It is said that banking and finance sector was the main contributors to the turnover, while the manufacturing sector was the second largest contributor, especially due to JKH
Yesterday, the rupee was quoted at Rs 290.20/40 to the US dollar in early trade, weaker from last Friday’s close of Rs 290.15/30, dealers said, while bond yields were steady.
A bond maturing on 15.12.2026 was quoted stable at 9.35/50 percent. A bond maturing on 15.10.2027 was quoted at 9.90/10.10 percent, from 9.95/10.10 percent. A bond maturing on 15.02.2028 was quoted at 10.20/25 percent, up from 10.18/28 percent.
A bond maturing on 15.09.2029 was quoted at 10.70/76 percent, down from 10.70/80 percent. A bond maturing on 15.05.2030 was quoted at 10.90/11.10 percent, from 10.95/11.10 percent.
Business
Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration
By Ifham Nizam
The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.
Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.
‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.
For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.
Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.
‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other
Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.
He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.
‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.
For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.
Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.
Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.
‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’
He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.
Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.
Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.
Business
China backs Sri Lanka’s Non-aligned stance to counter regional pressures
By Sanath Nanayakkare
As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.
In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.
By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.
The Strategic Value of Independence
For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.
Beyond Ports and Industrial Zones
This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.
By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.
As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.
For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.
Business
Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer
Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.
Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.
-
News7 days agoShanakiyan urges urgent action over reported death sentence for Lankan in Saudi Arabia
-
News6 days agoNamal Rajapaksa Buddhist gambit fails, bail denied
-
Features6 days agoWhy the spelling Sri Lankan names in English vary
-
Features6 days agoThree bands, a new identity: Sri Lankan wolf snake recognised as distinct species
-
Business6 days agoSLIIT holds largest-ever convocation
-
News6 days agoVehicle prices drop by up to Rs. 1 mn, says importers’ body
-
News6 days agoGovt monitors reported Saudi death sentence – Foreign Ministry
-
Business6 days agoAll-new Bolero MaXX Pik-Up unveiled in Lanka
