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Flaws in debt restructuring slow down share trading

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By Hiran H.Senewiratne

The stock market got off to a sluggish start yesterday because both local and foreign investors are worrying over certain flaws in the external debt restructuring exercise, stock market analysts said.

Due to deeply flawed operational frameworks, built on statistics rejecting classical economic principles and laws of nature, currencies of IMF dependent countries tend to depreciate permanently; nominal interest rates and inflation tend to be high, critics said.

Amid those developments both indices indicated mixed reactions. The All Share Price Index went up by 12.19 points while S and P SL20 rose by 2.7 points. Turnover stood at Rs 1.5 billion with six crossings. Those crossings were reported in Windforce, which crossed 22.5 million shares to the tune of Rs 439 million; its shares traded at Rs 19.50, Central Finance 1.9 million shares crossed for Rs 220 million and its shares traded at Rs 115, Hayleys 500,000 shares crossed for Rs 53.8 million; it shares sold at Rs 107.50, JKH 200,000 shares crossed for Rs 41.15 million; its shares traded at Rs 205.75, Sanasa Development Bank 1 million shares crossed to the tune of Rs 32 million; its shares sold at Rs 32 and HNB 100,000 shares crossed for Rs 20.6 million; its shares fetched Rs 206.

In the retail market top seven companies that mainly contributed to the turnover were; Hayleys Rs 167 million (1.6 million shares traded), JKH Rs 60 million (289,000 shares traded), Marawila Resorts Rs 50 million (11.5 million shares traded), Hemas Holdings Rs 44.7 million (525,000 shares traded), Sampath Bank Rs 34 million (428,000 shares traded), HNB (Non- Voting) Rs 30.8 million (189,000 shares traded) and Beruwala Resort Rs 30.6 million (10.9 million shares traded). During the day 75.2 million share volumes changed hands in 8488 transactions.

Yesterday the rupee was quoted at Rs 305.25/50 to the US dollar in early morning trade, steady from Rs 305.25/35 to the US dollar at the previous day’s close, while bonds were quoted wide, dealers said.

Bond market activity was somewhat muted after a rise in Treasury bill yields last week, dealers said.

Interest rates fell after a spike in un-sterilized liquidity from dollar purchases (strong side pegging), but the rupee comes under pressure due to lack of a complementary exchange rate policy to back the strong side pegging when liquidity is used up, analysts have said.

Excess liquidity is now down but the Central Bank is injecting some money overnight. Seven-day term money was injected below the overnight rate. At the moment private credit is still muted. A bond maturing on 01.06.2026 was quoted at 10.60/11.00 percent, indicative Wednesday, down from yesterday’s close of 10.75/11.05 percent. A bond maturing on 15.12.2026 was not quoted in morning trade. The bond closed at 10.65/11.05 percent Tuesday. A bond maturing on 15.10.2027 quoted at 10.70/11.10, marginally higher from 10.65/11.10 percent. A bond maturing on 15.03.2028 quoted at 11.25/50, marginally higher from 11.20/11.50 percent. A bond maturing on 15.09.2029 was quoted at 12.10/20, a little wider from 12.10/15 percent. A bond maturing on 01.12.2031 was quoted at 12.10/20, unchanged from 12.10/20 percent.



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Charting a worker-centered AI future: Colombo hosts landmark ITF conference

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The ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka

By Sanath Nanayakkare

Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.

These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.

Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.

As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.

Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.

Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.

Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.

Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.

Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.

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Bridging the digital divide: Sri Lanka’s airport licence challenge

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As tourism surges from digitally advanced markets like India, modern independent travelers arriving at BIA find themselves caught in a mismatch between cloudstored credentials and local paper-based transport protocols.

By Sanath Nanayakkare

As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).

While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.

This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.

The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.

Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.

For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.

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International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw

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Founder X Director – ALIF – J D RUBAN

ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.

This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.

“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL

Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.

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