Connect with us

Business

Index-heavy companies’ share prices down

Published

on

By Hiran H.Senewiratne 

CSE market activities were negative yesterday with the index heavy LOLC share prices plummeting by 18 percent. The reason  being that investors were slightly taken aback at LOLC quarterly results which did not prove exceptionally good. As a result, 87 negative points were contributed to the All Share Price Index yesterday, stock market analysts said.

Apart from LOLC, several index heavy companies’ share prices went down, including Vallibal One, whose shares dropped by 10 percent and it contributed 20 negative points. Browns Investments reported a 9 percent drop and it contributed 20 negative points, Expolanka witnessed a five percent drop, contributing 17 negative points.

Amid those developments, both indices moved downwards. The All Share Price Index went down by 326.36 points and S and P SL20 declined by 126.05 points. Turnover stood at Rs. 4.28 billion with three crossings. Those crossings were reported in Sampath Bank, where 500,000 shares crossed for Rs. 82.5 million; its shares traded at Rs. 165, Sanasa Development Bank 850,000 shares crossed for Rs. 51 million, its shares traded at Rs. 60 and Hemas Holdings 350,000 shares crossed for Rs. 30.8 million, its shares trading at Rs. 58.

In the retail market top five companies that contributed to the turnover were; LOLC Rs. 730 million (1.97 million shares traded), Dipped Products Rs. 383 million (6.1 million shares traded), Expolanka Rs. 304 million (6.5 million shares traded, JKH Rs. 280 million (1.78 million shares traded) and Vallibel One Rs. 273 million (4.3 million shares traded). During the day 117.4 million share volumes changed hands in 34809 transactions.

Samapth Bank announced a dividend, which was Rs. 8.25 per share. Due to uncertain market conditions Sampath Bank shares  depreciated yesterday.     In contrasting actions, state fund EPF sold down in Hayleys PLC, while Sri Lanka Insurance Corporation Life Fund has upped its stake in the quarter ended December 31, 2020. Hayleys also saw 605 new shareholders in the quarter.

As per latest shareholding at Hayleys, EPF has moved down to fourth from third after selling 2.3 million shares. Its shareholding with 2.34 million shares amounted to 3.12 percent down from 5.04 percent  previously. SLIC Life Fund has increased its stake to 0.79 million shares or 1.06 percent  from 0.39 million shares or 0.5 percent.High net worth individual investor and former Director Nimal Perera figures in the Top 20 shareholders list with 0.5 million shares or 0.67 percent shares while J.B. Cocoshell Ltd. is also a new entrant with 0.37 million shares or 0.5 percent.  Hayleys’ public shareholding is 37 percent  held by 6,974 shareholders, up from 6,369 shareholders as at September 30, 2020.       

Sri Lanka rupee quoted wider around 195.00/197.50 levels to the US dollar in the spot market on Tuesday, while bond yields edged up on selling pressure, dealers said. The rupee last closed in on the one-week forward market at 196.50/197.00 levels on Monday. In the secondary market, bond yields gained on selling pressure but the market remained dull, dealers said.



Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Business

Cyber heist at External Resources Dept: Funds diverted in email hack, CID probe underway

Published

on

Deputy Finance Minister Dr. Anil Jayantha Fernando

A suspected cyber fraud targeting Sri Lanka’s Department of External Resources has triggered a high-level investigation after hackers allegedly manipulated official email communications to divert funds to unauthorised overseas accounts, Deputy Finance Minister Dr. Anil Jayantha Fernando said.

The sophisticated breach is believed to have involved the interception and alteration of email exchanges between the Department and Export Finance Australia, raising serious concerns over vulnerabilities in the Government’s digital financial communication systems.

According to the Deputy Minister, the fraud came to light following suspicious changes detected in bank account details linked to a payment transaction involving India. This anomaly prompted officials to scrutinise prior correspondence, eventually uncovering what appears to be a coordinated cyber intrusion designed to reroute funds.

“This was not a routine technical glitch. There is clear indication of external interference where communication trails have been tampered with,” Jayantha said, noting that complaints had already been lodged with law enforcement authorities.

“Investigations are now being handled by the Criminal Investigation Department (CID), which is probing the extent of the breach, the financial losses incurred, and the possible involvement of international cybercrime networks”.

Financial analysts warn that the incident underscores growing risks faced by state institutions engaged in cross-border financing arrangements, particularly when relying heavily on unsecured or inadequately protected communication channels.

The Department of External Resources plays a pivotal role in managing Sri Lanka’s foreign-funded projects and liaising with international lenders and export credit agencies. Any compromise in its communication systems could have far-reaching implications for investor confidence and the country’s financial credibility.

Authorities are expected to review existing cybersecurity protocols across key financial institutions in the wake of the breach, with calls mounting for tighter safeguards, encrypted communications, and multi-layer verification systems for fund transfers.

Meanwhile, officials remained tight-lipped on the exact quantum of funds involved, citing the ongoing nature of the investigation. However, sources indicated that the attempted diversion was significant enough to raise alarm at the highest levels of the Finance Ministry.

The incident adds to a growing list of cyber-related financial threats confronting governments worldwide, highlighting the urgent need for robust digital governance frameworks as Sri Lanka continues to engage with international financial partners.

By Ifham Nizam

Continue Reading

Business

Sun Siyam Pasikudah marks the New Year at the shore of Sri Lanka’s rising coast

Published

on

There is something about Avurudu that naturally fills every corner of Sri Lanka with energy and connection, and this year, that spirit extended to the shores of Pasikudah. At Sun Siyam Pasikudah, part of the Prive Collection within The House of Siyam, the Sinhala and Tamil New Year was celebrated on 14 April with a vibrant, full day programme that brought together guests and team members in true festive spirit, warm, lively, and centred around shared traditions and generous feasts.

The day followed the rhythm that Sri Lankan families know well. At the auspicious hour determined by the almanac for the New Year, the hearth at The Kitchen was ceremonially lit and the milk pot set to boil, symbolising warmth, unity, and the drawing in of abundance for the year ahead. This followed another auspicious moment at noon where a Traditional Sweet Table was laid out, where kiribath, kokis, kavum, aasmi and more were on offer, prepared by the resort’s culinary team and enjoyed by guests who had gathered, some for whom this was the most natural thing in the world, and others encountering the tradition for the very first time.

From 3:00 PM onwards, the afternoon opened into games. The resort grounds hosted the full run of Avurudu classics: Kana Muttiya (Pot Breaking), Kaba Adeema (Tug of War), Banis Kama (Bun Eating Contest), Balum Pipirawima (Balloon Blowing), Kotta Pora (Pillow Fighting), the Sack Race, Spoon Race, Blindfold Yogurt Feeding, Eyeing the Elephant, and Finding the Coin on the Plate. Guests of all ages joined in, and the kind of laughter that filled the afternoon is really the only way to describe what Avurudu at its best feels like.

“Avurudu is one of those occasions where the feeling in the air does all the work. The auspicious timings, the lighting of the hearth, the sweet table, the games in the afternoon: each of these carries its own meaning, and when you observe them properly and together, the day takes on a quality that is hard to replicate at any other time of year. We wanted our guests, wherever they had travelled from, to feel genuinely part of that, not simply watching from the outside. I think the day showed that Pasikudah is a place where that kind of celebration feels entirely at home,” said Arshed Refai, General Manager, Sun Siyam Pasikudah

The celebration is also a reflection of a broader moment for this stretch of the Sri Lankan coast. Pasikudah has long been known among those who seek it out: a bay of extraordinary calm and clarity, unhurried in a way that the island’s busier coastal destinations rarely are. What has shifted in recent years is that more people are finding it. Sri Lanka welcomed over 600,000 international visitors in the first quarter of 2025, generating tourism revenue of USD 1.025 billion, and the East Coast is increasingly part of that conversation. Sun Siyam Pasikudah has been central to placing Pasikudah on that map.

The resort’s 34 pavilions, offered in one and two bedroom configurations across garden and beach settings, are styled in a way that is quietly striking: monochrome interiors with warm golden accents, spacious and well-considered, always with the ocean close by. Dining is spread across The Kitchen, The Cellar, The Slice and Grill, The Tea House, and The Bar, with destination dinners available for guests who want a private evening under the stars. Sailing excursions along the coastline, spa and wellness, and encounters with local arts and crafts complete what Sun Siyam Pasikudah offers throughout the year.

 

Continue Reading

Business

Allianz Avurudu Negam returns, easing the journey home

Published

on

During the Sinhala and Tamil New Year, a time defined by togetherness, tradition and returning home, Allianz Insurance Lanka Limited once again stood alongside Sri Lankan communities by continuing its Avurudu Negam initiative for the second consecutive year, expanding its reach to support families during the festive travel period.

Building on the positive response to last year’s programme, Allianz Avurudu Negam 2026 was shaped to make the journey home special and loved during Avurudu. In response, Allianz offered ticket refunds to eligible passengers travelling on the Galu Kumari service from Maradana, supporting passengers journeying home to celebrate the New Year with loved ones.

Passengers boarding from Maradana and Fort and travelling beyond Galle up to Belliatta were eligible for the refund, helping make the journey home more affordable at a meaningful time of year. Acknowledging that financial strain frequently continues even after the celebrations conclude, Allianz extended the refund window until 30th April, easing the cost of returning to Colombo after Avurudu.

To complement this support, Allianz added a heartfelt touch rooted in New Year tradition. Traditional oil cakes were distributed to passengers boarding from Maradana, allowing families to take a familiar symbol of Avurudu back home and share it around their festive tables.

Allianz also prioritised protection during this period. Passengers eligible for the refund were given the option to obtain free Allianz Personal Accident Insurance, reflecting the belief that protection does not end with a journey, but continues wherever people go. In addition, these passengers were included in an LKR 1 million raffle draw, as an extension of the existing campaign, offering one winner shopping vouchers redeemable at outlets of their choice and support that extends beyond the New Year season.

Continue Reading

Trending