Business
CSE bounces back; fresh buying interest during latter half of the day
By Hiran H.Senewiratne
CSE trading activities were positive from the beginning of yesterday but by mid-day selling pressure was reported and during the latter part of the day the stock market witnessed fresh buying interest. However, the market bounced bank yesterday since on the previous day it suffered one of its steepest falls with Rs. 146 billion in value being wiped off as investors resorted to panic selling while the more optimistic questioned their motive, stock market analysts said.
Further, net foreign selling increased on the previous day to Rs. 697 million, pushing the year- to- date outflow to over Rs. 42 billion to Rs. 42.5 billion. Recent biggest gainers were obvious contributors to the previous day’s fall. Consequently, with the bounce, the market was up by 2.13 percent and fresh buying interest was witnessed despite the country’s political and economic woes, analysts said.
Companies that mainly contributed to the All Share Price Index were Expolanka (38.3 points), LOLC (17.8 points) and Commercial Leasing (10 points).
Amid those developments both indices moved up. All Share Price Index went up by 180 points and S and P SL20 rose by 51.3 points. Turnover stood at Rs 3.5 billion with two crossings. Those two crossings were reported in Nestle Lanka, where 100,000 shares crossed to the tune of Rs 120 million, its shares traded at Rs 1200 and Hemas Holdings 281,000 shares crossed for Rs 20.2 million, its shares fetching Rs. 72.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs 1.59 billion (10.3 million shares traded), Browns Investments Rs 541 million (60.2 million shares traded), LOLC Rs 124 million (242,000 shares traded), HNB (Non Voting) Rs 116 million (898,000 shares traded) and TJ Lanka Rs 75 million (1.8 million shares traded). During the day 148 million share volumes changed hands in 25000 transactions.
It is said high net worth and institutional investor participation was noted in Hayleys and Hemas Holdings. Mixed interest was observed in LOLC Holdings, Royal Ceramics and Teejay Lanka, while retail interest was noted in Browns Investments, Industrial Asphalts and Expolanka Holdings.
Meanwhile, the current USD to rupee exchange rate is Rs 199.49 per 1 US dollar.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 11 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than a decade. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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