Business
Buying interest in banking sector counters
By Hiran H.Senewiratne
CSE activities were a bit dull during the early session of the day but the market started picking up with an increase of buying interest in banking sector counters. Further, profit taking was also witnessed in the manufacturing sector as well yesterday, market analysts said.
The record-setter benchmark All Share Price Index (ASPI) yesterday took a ‘breather,’ losing over 113 points or 1.4 percent but investor activity remained robust with a third day of over Rs. 10 billion turnover on the previous day. The CSE which rose to its all-time high in terms of the ASPI on Monday, saw for some a ‘welcome correction and profit taking.’
All Share Price Index moved upwards yesterday following the fall on the previous day. All Share Price Index went up by 75.48 points and S and P SL20 was up by 38.77 points. Amid those developments share prices in a few companies moved up in an unusual manner.
Those companies were, Hayleys; share price moved up by Rs. 72.25 or 14.5 percent. Its share started trading at Rs. 497.50 at the end of the day it moved up to Rs. 56.40, Seylan Bank (Voting) share price moved up by Rs. 9.40 or 20 percent. Its shares started trading at Rs. 47 and at the end of the day it moved up to Rs. 56.40 and Seylan Bank (Voting) share price moved up by Rs. 6.60 or 11 percent. Its shares started trading at Rs. 59.40 and at the end of the day it moved up to Rs. 66.
Further, CSE primer listed company JKH’s share price witnessed a fall of its price by Rs 3.20 or 2 percent. Its shares started trading at Rs. 160.25 and at end of the day it moved down to Rs. 157. During the day turnover stood at Rs. 9.4 billion with five crossings. Those crossings were reported in JKH, which crossed 1.15 million shares to the tune of Rs. 181.7 million and its shares traded at Rs. 158, HNB (Non Voting) 840,000 shares crossed for Rs. 100.8 million and its shares traded at Rs. 120, Seylan (Voting) 622,000 shares crossed for Rs. 37.3 million and its shares traded at Rs. 60, Access Engineering 90,000 shares crossed for Rs. 27.7 million, its shares traded at Rs. 30.80 and Dipped Products 60,000 shares crossed for Rs. 26.4 million, its shares traded at Rs. 440.
Top five contributors to the turnover were; JKH Rs.1.06 billion (6.8 million shares traded), Expolanka Rs. 667 million (13 million shares traded), Seylan Bank (Non Voting) Rs. 667 million (12.6 million shares traded), Hayleys Rs. 587 million (1.1 million shares traded) and HNB Rs. 549 million (3.9 million shares traded). During the day 285 million share volumes changed hands in 48963 transactions.
Sri Lanka’s rupee opened wide, quoted at 196.00/199.00 to the US dollar in the one month forward market with no spot or spot next quotes in early trade, while bond yields eased, dealers said. Rupee last closed around 196.00/197.00 in the spot-next market on Tuesday against the greenback.
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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