Business
CSE closes 26 minutes before ending time as S&P SL20 plunges
By Hiran H.Senewiratne
The CSE closed 26 minutes before its official ending time yesterday after the S&P SL20 index plunged more than 5 per cent, led by stock market heavyweights, stock market analysts said.
The main reason for the plunge was because two major index- weighted companies, namely, Expolanka Holdings and Lanka IOC, witnessed heavy profit- takings.
Meanwhile, two major global banks, Swiss Bank in Switzerland and Deutsche Bank AG, a German multinational investment bank and financial services company, are facing a risk of collapsing, which is known as “Credit Suisse Risk”. Market analysts predict something worse than the 2008 global recession. There the trigger factor was the “Layman Brothers” issue, stock market analysts said.
Apart from that, the UK economy is also going through a major crisis. Its new Prime Minister Liz Truss has reversed a widely criticized plan to abolish the 45 per cent top rate of income tax following a backlash from her own Conservative Party.
UK media reported yesterday morning that mere hours after insisting that the plan would go ahead, Truss had conceded that it could not go through the House of Commons.
Expolanka, being a company which has a significant presence in Europe and USA, consequently, created some panic among investors. They were worried that the issues in Europe would badly impact Expolanka’s business. As a result, heavy profit- takings were witnessed in Expolanka Holdings and its share price plummeted by Rs 20.25 or more than nine per cent. Its share price dropped to Rs 197.25 from Rs 217.50 at the end of the day.
Lanka IOC also witnessed some profit- takings due to the government reducing the fuel price by Rs 20. Still, Lanka IOC has profits because they are selling at a high range when the global fuel prices are declining, stock analysts observed.
The CSE said in a statement that the market had been halted due to the S&P SL20 index dropping over 5 per cent from the previous close, in keeping with the SEC (Securities and Exchange Commission) directive dated April 30, 2020. Accordingly, the market had been halted for the rest of the day.
Amid those developments CSE heavyweight Expolanka fell 9.3 per cent, while Lanka IOC slipped 5.2 per cent, leading the index fall. The main All- Share Price Index (ASPI) fell 3.8 percent or 281 points, while the more liquid S&P SL20 dropped 4.9 per cent or 156.0 points when the market halted.
The turnover stood at Rs 2.5 billion without a single crossing/arranged transactions. In the retail market top seven companies that were mainly contributed to the turnover were, Lanka IOC Rs 570 million (two million shares traded), Expolanka Holdings Rs 503.2 million (2.5 million shares traded), ACL Cables Rs 115 million (1.1 million shares traded), Royal Ceramic Rs 105.7 million (2.7 million shares traded), Chevron Lubricants Rs 92.6 million (840,000 shares traded), Browns Investments Rs 77.6 million (10.5 million shares traded) and Lanka Wall Tiles Rs 65.5 million (814,000 shares traded). During the day 125 million share volumes changed hands in 29000 transactions.
The CSE is enjoying a record net foreign inflow. In September net foreign buying was Rs. 14.7 billion, propelling the year to date figure to Rs. 15.2 billion. This is largely on account of parent SG Holdings buying into Sri Lanka’s number one listed entity Expolanka Holdings PLC.
Last year the net foreign outflow was Rs. 53 billion and in the preceding three years the outflow was Rs. 51 billion, Rs. 11.7 billion and Rs. 23 billion respectively. The previous net inflow was in 2017 at Rs. 17.6 billion.
Yesterday, the Central Bank- announced the US dollar buying rate was Rs 399.16 and selling rate Rs 369.91.
Business
Priority areas for deepening Japan-SL economic ties
Japan Business Council (SLJBC) of The Ceylon Chamber of Commerce recently held its 47th AGM, with the Ambassador of Japan and the Patron of the Council, Akio ISOMATA, attending as the Chief Guest.
Addressing the gathering, Ambassador ISOMATA outlined three priorities for deepening bilateral economic relations: an effective and forward-looking trade and investment policy, the promotion of domestic industrial policy, and expanded investment in renewable energy. He noted that Sri Lanka’s ongoing review of its Free Trade Agreement policy would be important in shaping the country’s future negotiating landscape. He encouraged Sri Lanka to look Eastward toward Southeast Asia and Japan, proposing that the country adopt an export-oriented industrial model. The Ambassador welcomed the Government’s National Export Development Plan 2026 and National Mineral Policy 2026 as consistent with Japan’s vision of connecting Sri Lanka’s export-related manufacturing sectors with India’s high-growth manufacturing base.
In his address, President Athulla R F Edirisinghe reflected on nearly seven decades of humanitarian and development support extended by Japan to Sri Lanka, and paid tribute to the Chairman of the Sasakawa Peace Foundation Yohei Sasakawa, for his magnanimity in establishing the Foundation. Reflecting on the history of Japanese investment in the region from the 1970s onward, he observed that Sri Lanka had missed many opportunities to attract Japanese foreign direct investment. Highlighting the 2025 proposal for a Sri Lanka – Japan Economic Corridor by the Ministry of Economy, Trade, and Industry Japan, he called on Sri Lankan businesses, industry associations, and the wider community to come together in dialogue with the Government to ensure the country does not miss this opportunity as well.
2026/27 Committee: President: Athulla R F Edirisinghe – Director, Hirohama Ceylon (Pvt) Ltd, Senior Vice President – Ruwan Waidyaratne – Managing Director, Hayleys Advantis Ltd, Vice – President – Shamil Mendis – Managing Director, Spear International (Pvt) Ltd, Treasurer – Rohitha Mendis – Managing Director of Prudential Shipping Lines (Pte) Ltd, Immediate Past President – Mahen Kariyawasan – Managing Director, Andrew The Travel Company (Pvt) Ltd, representatives from Amano Lanka Engineering (Pvt) Ltd, BOV Capital (Pvt) Ltd, Brandix Apparel (Pvt) Ltd, Heritage Teas (Pvt) Ltd, Kalhari Enterprises (Pvt) Ltd, Lanka Harness (Pvt) Ltd, Dentsu Grant (Pvt) Ltd, MAC Holdings (Pvt) Ltd, and Vidullanka PLC. By invitation: HVA Foods PLC (subsidiary of George Steuart & Co), Spillburg Holdings (Pvt) Ltd, and Vaughan Chemicals (Pvt) Ltd.
The Sri Lanka – Japan Business Council plays an important role in promoting trade, tourism, and investments between Japan and Sri Lanka. For membership inquiries contact Kiyara at The Ceylon Chamber of Commerce via E-mail: businesscouncils1@chamber.lk or Tel.: 011 5588875/ 5588800.
Business
Rekawa turns turtle conservation into a 30-year community business model
By Ifham Nizam
What started 30 years ago as an effort to protect sea turtles has evolved into a community-based economic model that has generated livelihoods, attracted tourists and transformed Rekawa into one of Sri Lanka’s best-known nature tourism destinations.
The Rekawa Turtle Conservation Project, launched on September 2, 1996, by the Turtle Conservation Project (TCP) in partnership with the Department of Wildlife Conservation and the Rekawa community, marked its 30th anniversary last week, demonstrating how biodiversity protection can become an economic opportunity for communities living alongside sensitive natural resources.
Speaking at the anniversary celebrations, TCP chairman Thushan Kapurusinghe said the project currently provides direct livelihoods for 28 people, but its economic impact extends considerably beyond those directly employed by the programme.
‘Today, 28 people directly earn their livelihood through this project. But its impact goes far beyond those 28 individuals, Kapurusinghe said.
He pointed to the transformation of the area over the past three decades, arguing that the growth of tourism in the community has been closely linked to the turtle conservation programme.
‘If you travel from Netolpitiya to this area, you can clearly see how much the village has transformed over the years. There is no doubt that the growth of tourism in this community has been driven by the Turtle Conservation Project, he said.
The economic significance of Rekawa lies in its ability to convert the protection of a natural asset into a source of recurring community income.
Tourists do not come to Rekawa merely to see a beach. They come to witness sea turtles emerging from the ocean and nesting in their natural habitat—a tourism experience that depends directly on the continued protection of the nesting beach.
Kapurusinghe said tour operators regularly bring visitors to Rekawa, with some tourists traveling there after visiting major attractions such as the Kandy Esala Perahera.
The model represents a fundamental shift from viewing conservation as an expense to recognising biodiversity as an economic asset that can generate sustainable livelihoods when properly managed.
The 30th anniversary celebration at the Rekawa Turtle Conservation Project Information Centre brought together Southern Wildlife Region Director of the Department of Wildlife Conservation Channa Suraweera, government officials, conservation organisations, community representatives and long-standing supporters of the initiative.
Individuals who had contributed to the project over the past three decades were also recognised with awards for their service to sea turtle and environmental conservation.
Rekawa’s experience has attracted international attention because of precisely this combination of conservation and community development. The project has received international recognition as well as the Green Employment Award from the Ministry of Environment and Natural Resources. Earlier international recognition included a highly commended ‘Tourism for Tomorrow’ award, while the project’s turtle-watch programme subsequently received further recognition in responsible tourism and conservation.
Business
Ceylinco Life brings premium policyholders closer to the magic of the Kandy Perahera
For an evening, the timeless spectacle of the Kandy Esala Perahera unfolded at especially close quarters for a select group of Ceylinco Life’s most valued policyholders and their families, who were hosted to an exclusive viewing experience by the Company’s Customer Relations Division.
Held at the Ceylinco Life Kandy Branch on Kings Street, the annual event coincided with the second Randoli Perahera, bringing guests into the heart of one of Sri Lanka’s most spectacular expressions of culture, tradition and pageantry.
As the procession made its majestic passage through the streets of Kandy, guests enjoyed VIP seating at a prime vantage point, allowing them to experience the colour, movement and grandeur of the Perahera up close. The evening offered a fitting setting for Ceylinco Life to celebrate its enduring relationships with its premium clientele.
The experience extended well beyond the spectacle outside. Guests were welcomed with evening refreshments and an exclusive dinner buffet presented by the prestigious Amaya Hills Resort, adding a fine-dining dimension to an already memorable evening.
Families, too, were at the centre of the occasion. A private movie theatre experience provided entertainment for children and adults alike, while each attending family received a beautifully framed family photograph as a personalised souvenir, a tangible reminder of an evening shared together against the backdrop of one of Sri Lanka’s most treasured cultural traditions.
Besides being a much sought-after opportunity to watch the Perahera, the occasion was an expression of appreciation. Through its continuing Customer Relationship Management activities, Ceylinco Life seeks to create experiences that recognise its most valued policyholders not simply as customers, but as relationships to be celebrated and nurtured. And on this particular August evening, the enduring splendour of the Kandy Perahera provided the perfect setting for doing just that.
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