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Following successive highs, the bourse takes a dip

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By Hiran H.Senewiratne

The stock market yesterday noted profit- takings after witnessing a heavy upward trend over the last few working days. The latter phenomenon was due to a low interest regime coupled with positive corporate quarterly results, especially in the banking sector, market analysts said.

Amid those developments both indices moved downward. The All Share Price Index went down by 90.07 points, while the S and P SL20 declined by 58.36 points. Turnover over stood at Rs 7.4 billion with 12 crossings.

Those crossings were as follows: Melstacope crossed 4.8 million shares to the tune of Rs 808 million and its shares traded at Rs 128, JKH 5.8 million shares crossed for Rs 138 million; its shares traded at Rs 23.50, Sierra Cables six million shares crossed to the tune of Rs 97.2 million and its shares sold at Rs 16.20, CCS 825,000 shares crossed for Rs 74.2 million; its shares traded at Rs 90, HNB 170,000 shares crossed to the tune of Rs 59.3 million; its shares sold at Rs 347.75, Overseas Realties 2.2 million shares crossed for Rs 50.9 million; its shares sold at Rs 23.60.

Dialog two million shares crossed to the tune of Rs 27 million; its shares traded at Rs 13.50, Balangoda Plantations 335,000 shares crossed to the tune of Rs 26.2 million; its shares traded at Rs 78, Tokyo Cement 317,000 shares crossed for Rs 25.1 million; its shares traded at Rs 70, Dipped Products 350,000 shares crossed to the tune of Rs 21.3 million; its shares traded at Rs 61, LOLC Holdings 27000 shares crossed for Rs 20 million and its shares traded at Rs 7.30 and Ambeon Capital 625,000 shares crossed for Rs 20 million; its shares traded at Rs 32.

In the retail market, companies that mainly contributed to the turnover were; HNB Rs 807 million (2.2 million shares traded), Browns Investments Rs 572 million (56.5 million shares traded), LOLC Holdings Rs 335 million (461,000 shares traded), Sierra Cables Rs 304 million (18.9 million shares traded), JKH Rs 303 million (12.8 million shares traded) and Dipped Products Rs 201 million (3.3 million shares traded). During the day, 257 million share volumes changed hands in 34000 transactions.

It is said that the banking sector led the market, especially HNB was the largest contributor to the turnover while as usual the manufacturing sector, especially JKH and Sierra Cables, were the second largest contributor to the turnover. The plantation sector and the services sector were also slightly active in the market.

Yesterday the rupee was quoted at Rs 298.60/90 to the US dollar in the spot market, weaker from Rs 298.65/75 to the US dollar on the previous day, while bond yields were broadly stable, dealers said.

Stocks were down 0.26 percent. A bond maturing on 15.09.2027 was quoted at 9.75/85 percent, up from 9.70/85 percent. A bond maturing on 15.03.2028 was quoted at 10.15/20 percent, up from 10.10/20 percent. A bond maturing on 01.05.2028 was quoted at 10.26/30 percent, down from 10.25/33 percent. A bond maturing on 15.09.2029 was quoted flat at 10.75/85 percent. A bond maturing on 15.10.2030 was quoted at 11.32/37 percent, up from 11.30/35 percent.



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Lord Swire, Deputy Chairman, CWEIC, points to ‘diverse opportunities’ at Port City Colombo

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Lord Swire at the Port City Colombo business session

Port City Colombo, Sri Lanka’s first multi-service Special Economic Zone, recently hosted Lord Swire, Deputy Chairman of the Commonwealth Enterprise and Investment Council (CWEIC) to an exclusive session on the project’s attractive investment opportunities and economic potential within the South Asian regional sphere. He was accompanied by CWEIC officials including Niro Cooke, Country Chair – Sri Lanka and Group Director, The Capital Maharaja Organisation, Pamela O’Leary, Board Member, and Deshan Gonawela, Country Director. The delegation was welcomed by Revan Wickramasuriya, Director General, the Colombo Port City Economic Commission, and Thulci Aluwihare, Deputy Managing Director, CHEC Port City Colombo (Pvt) Ltd.

A Port City Colombo press release said: ‘The visit encompassed a detailed presentation at the Port City Colombo Sales Gallery, where the delegation was briefed on the project progress and future projections as a competitive investment hotspot in the South Asia region. Port City Colombo’s key appeal to top investor markets including the Middle East and the Asia-Pacific, progressive regulatory environment that promotes the ease of doing business, and diverse options for investors, were the focal point of the presentation. The CWEIC delegation was also provided an experiential tour of the Mall at Port City Colombo, South Asia’s pioneering downtown duty-free retail offering, which is already contributing towards Colombo’s evolution as a hub for tourism and business.

‘Sri Lanka needs to show that it is open for Foreign Direct Investment,’ said Lord Swire, Deputy Chairman, CWEIC. ‘There are diverse opportunities, not just in the tea and tourism industry, but also within the scope of Port City Colombo’s Special Economic Zone, which is a truly exciting and ambitious initiative. The Commonwealth showcases some of the most diverse and fastest growing economies in the world, with prospective investors who will be interested in exploring the intriguing opportunities that Port City Colombo and Sri Lanka as a whole are bound to offer.’

‘Niro Cooke, Country Chair – Sri Lanka, CWEIC, and Group Director, The Capital Maharaja Organisation, further elaborated: ‘Sri Lanka has long been a sought-after tourism destination. However, we believe that Sri Lanka has the opportunity to evolve into a competitive diversified service-based economy, which could reinvent our nation into a truly formidable regional business hub. With FDI contributors such as Port City Colombo, a strengthened economic outlook, and strategic locality, Sri Lanka now has the right ingredients to become a progressive investment destination.’

‘As a CWEIC Strategic Partner, Port City Colombo has been actively involved in fostering investor relations across the Commonwealth. Port City Colombo recently participated in the Commonwealth Business Forum 2024 held in Apia, Samoa, where the project’s contribution towards sustainable economic growth and regional skilled mobility within South Asia was accentuated.

‘To learn more about the attractive investment opportunities at Port City Colombo, please visit www.portcitycolombo.lk. For information on Single Window Investment Facilitation and regulatory matters, please visit www.portcitycolombo.gov.lk.’

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CBSL clarifies correct use of the word ‘Finance’

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The public is hereby informed that, as per Section 10(2) of the Finance Business Act, No. 42 of 2011 (the Act), no person, other than a finance company and an institution specified in Section 10(6) of the Act, shall use the terms ‘finance’, ‘financing’, or ‘financial’ alone or in combination with another word or any of its derivatives or its transliterations or their equivalents in any language, as part of the name or the description or the business name of such person without prior written approval of the Central Bank of Sri Lanka.

In terms of Section 56(4) of the Act, any person who contravenes or fails to comply with the said provision is guilty of an offence under the Act.

The public is strongly advised to adhere to the aforesaid legal requirement.

For further inquiries:

Department of Supervision on Non-Bank Financial Institutions

Telephone number: 0112 477 504

Email address: snbfi_query@cbsl.lk

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Classic Car Rally participants take a nostalgic Pit Stop at Heritance Tea Factory

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As the much-anticipated 2025 Classic Car Rally made its way through Sri Lanka’s scenic highlands, participants from across the globe found themselves in the heart of tea country at Heritance Tea Factory. A former 19th-century tea factory turned exclusive hotel, this iconic property served as a memorable stop for the rally’s distinguished guests, offering a perfect blend of history, elegance and immersive experiences.

The rally, featuring an impressive lineup of vintage automobiles, included rare and classic models from the 1930s to the 1960s, with iconic names such as Bentley, Jaguar, Mercedes, Porsche, MG, Austin Healey, Delahaye, BMW and Volvo gracing the winding roads of Sri Lanka. These meticulously preserved automobiles, shipped from across the world, added a touch of nostalgia to the misty hills of Kandapola, perfectly complementing the colonial charm and heritage of Heritance Tea Factory.

During their stay, the 24 vintage car owners and enthusiasts, representing countries such as Australia, the United States, Belgium, Switzerland, Italy, Brazil, Germany, and the United Kingdom, experienced the hotel’s colonial charm and the breathtaking views of rolling tea fields. Many took the opportunity to partake in the estate’s signature tea plucking experience, donning traditional attire to hand-pick fresh Ceylon tea leaves, a unique and fitting tribute to Sri Lanka’s rich tea heritage.

Dining at Heritance Tea Factory proved to be another highlight, with the rally participants indulging in delicious menus featuring the finest local and international cuisine, all in all an extraordinary gastronomic experience in the misty mountain ambiance.

Beyond the culinary experiences, the comfort of elegantly restored rooms overlooking the lush tea plantations allowed the travellers to unwind and rejuvenate after a long journey through Sri Lanka’s winding roads. The warmth of the hotel’s hospitality, combined with its eco-conscious approach made a lasting impression on all who stayed.

As the rally continued toward its next destination, Heritance Tea Factory left a special mark on the participants, celebrating a shared love for timeless elegance, heritage, and adventure.

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