Connect with us

Business

Global stock markets ruffled by US President’s tariff decisions

Published

on

By Hiran H.Senewiratne

Major global stock markets yesterday were somewhat affected by US President Donald Trump’s recent announcement on the imposition of tariff/tax on China, Mexico and the European Union for US imports, triggering some panic selling in the stock market, market analysts said.

Due to this global scenario coupled with the long holidays stock market activities were a bit low. Consequently, both indices moved downwards. The All Share Price Index went down by 166.24 points while the S and P SL20 declined by 47.12 points.

Turnover stood at Rs 3.04 billion with four crossings. Those crossings were reported in Hayleys Fabrics, which crossed 2.4 million shares to the tune of Rs 129 million; its shares traded at Rs 53.60, Aitken Spence 352,000 shares crossed for Rs 52.8 million; its shares sold at Rs 150, ACL Cables 180,000 shares crossed for Rs 25.2 million; its shares traded at Rs 140, JKH one million shares crossed for Rs 22.8 million and its shares fetched Rs 22.50.

In the retail market top six companies that mainly contributed to the turnover were JKH Rs 317 million (14 million shares traded), Browns Investments Rs 222.7 million (25 million shares traded), Access Engineering Rs 102 million (2.5 million shares traded), SwissTec Rs 79.3 million (1.7 million shares traded), Sampath Bank Rs 73.9 million (626,000 shares traded) and Central Finance Rs 73.1 million (334,000 shares traded). During the day 121.9 million share volumes changed hands in 28115 transactions.

It is said that as usual the manufacturing sector was the main contributor to the turnover, led by JKH. Meanwhile, other sectors, such as banking and finance, also performed well.

Yesterday, the rupee was quoted at Rs 299.00/50 to the US dollar in the spot market, weaker from Rs 297.80/298.20 to the US dollar Friday, dealers said, while bond yields were broadly flat.

A bond maturing on 15.02.2028 was quoted at 10.10/20 percent, up from 10.10/15 percent. A bond maturing on 15.10.2028 was quoted at 10.32/40 percent, up from 10.35/40 percent. A bond maturing on 15.09.2029 was quoted at 10.75/80 percent, up from 10.73/77 percent. A bond maturing on 15.10.2030 was quoted flat at 11.20/30 percent.



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

on

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Continue Reading

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

on

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Continue Reading

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

on

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.

Continue Reading

Trending