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‘Low valuation of good stocks enabled CSE to realize a net foreign inflow of Rs. 51 billion in 2022’

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By Hiran H. Senewiratne

The CSE witnessed more than Rs 50 billion in net foreign inflows due to low valuation of good stocks in the market last year, its Chief Executive Officer Rajeeva Bandaranaike stated.

“Our market is now getting attractive with the digitalization of the system and the introduction of new products in the stock market. Despite the market’s volatility it kept going well. Further, market capitalization of the stock market is 22 per cent of the GDP, Bandaranaike said at a media briefing at Shangri La Hotel on Wednesday. The event was organized by the CSE.

The CEO said that this year they could complete the third and final market digitalization process and also commence a project to introduce the Central Counter Party System, which reduces risks when executing transactions.Bandaranaike added: ” The party in between will manage the buying and selling risk for foreign and institutionalized investors and the completion of the entire set of rules of CSE will be in line with the new SEC Act, which will be passed in the parliament soon.

“To promote good governance in the market, a programme on demutualization of the market is now in the process of being implemented, which will change the structure of the CSE in line with international standards.”

Amid these developments the CSE edged down in mid- market trade yesterday. Delays in the materialization of International Monetary Fund decisions and delayed government action are pushing investors away from market activity, an analyst said.

A Standard Chartered Bank report on Sri Lanka mentions that the overall process of the IMF bailout will be further delayed due to delays in creditors’ confirmation on debt restructuring. This has dampened investor sentiment to a greater extent.

Consequently, both CSE indices moved downwards. The All- Share Price Index went down by 46.21 points and S and P SL20 declined by 10.75 points. Turnover stood at Rs 1.9 billion with two crossings. The crossings took place in Amana Bank, which crossed 111 million shares to the tune of Rs 321 million and its shares traded at Rs 2.90 and Melstacorp 680,000 shares crossed to the tune of Rs 31.3 million, its shares traded at Rs 46.

In the retail market top seven companies that mainly contributed to the turnover were; Softlogic Capital Rs 586 million (33.3 million shares traded), Softlogic Life Insurance Rs 192 million (1.6 million shares traded), JKH Rs 78.2 million (575,000 shares traded), Expolanka Holdings Rs 66.9 million (391,000 shares traded), Browns Investments Rs 63.3 million (9.7 million shares traded), Lanka IOC Rs 59.3 million (324,000 shares traded) and LOLC Finance Rs 57.7 million (8.2 million shares traded). During the day 196 million share volumes changed hands in 18000 transactions.

Despite the current odds the CSE recorded satisfactory turnover levels. The market is these days being driven by the Softlogic Group of companies.Yesterday the US dollar buying rate was Rs 360.39 and the selling rate Rs 371.46.



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Business

ComBank unveils new Corporate Branch at Head Office

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Commercial Bank Managing Director/CEO, Sanath Manatunge, Chief Operating Officer S. Prabagar, Deputy General Manager – Corporate Banking Hasrath Munasinghe, Corporate Branch Chief Manager -Ruvini Samarasinghe and representatives of the Bank’s corporate and senior management at the opening of the new Corporate Branch

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.

The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.

Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.

Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”

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Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

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The iconic DeLonghi coffee machines at Abans showroom

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.

At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.

Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”

“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.

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Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

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Participants at the Members’ Night

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.

SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.

The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.

The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.

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