Connect with us

Business

Declaration of attractive dividends by banking sector counters rejuvenates bourse

Published

on

By Hiran H.Senewiratne

The stock market got a considerable boost yesterday as local and foreign investors were attracted to the market after the declaration of attractive dividends by banking sector counters, market analysts reported.

Apart from that, a significant drop in Treasury bill yields at the Treasury bill auction was another reason for market conditions to improve during the day, stock brokers said.Amid those developments both indices moved upwards. All Share Price Index was up by 36.98 points while S and P SL 20 rose by 14.67 points.

Turnover stood at Rs 961 million with three crossings. Those crossings were reported in Cargills, which crossed 222,000 shares to the tune of Rs 73.7 million; its shares traded at Rs 332, JKH 150,000 shares crossed for Rs 28.3 million; its shares sold at Rs 188.50 and LOLC Holdings 74000 shares crossed for Rs 23.6 million; its shares fetched Rs 318.50.

In the retail market top seven companies that mainly contributed to the turnover were; Sampath Bank Rs 121 million (1.6 million shares traded), Commercial Bank Rs 106 million (1.19 million shares traded), Sunshine Holdings Rs 56.6 million (1 million shares traded), JKH Rs 46.2 million (245,000 shares traded), Chevron Lubricants Rs 42.8 million (431,000 shares traded), Expolanka Holdings Rs 35.1 million (264,000 shares traded) and HNB Rs 20.7 million (121,000 shares traded). During the day 29.7 million share volumes changed hands in 81000 transactions.

Yesterday, the rupee opened at R 313.00/30 to the US dollar from Rs 313.00/10 the previous day.

Demand for dollars for oil imports is still muted dealers say, despite hydro power generation easing as Sinopec does not buy dollars in the market.

Further, bond yields were down. Treasury bill yields fell across maturities at Wednesday’s auction. A bond maturing on 01.08.2026 was quoted at 10.65/85 percent. A bond maturing on 15.09.2027 was quoted at 11.30/45 percent. A bond maturing on 15.09.2028 was quoted at 1185/90 percent from 11.80/85 percent.



Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

on

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.

Continue Reading

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

on

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.

Continue Reading

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

on

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.

Continue Reading

Trending