Connect with us

Business

Profit-takings in LOLC Group affect CSE momentum

Published

on

By Hiran H.Senewiratne

CSE trading activities were positive yesterday despite other global stock markets showing a downward trend with the possible spread of the Covid 19 new variant. The market was slightly volatile throughout the day. At the beginning, the stock market was positive but later it did not maintain the same momentum because profit- takings were noted in the LOLC Group of companies, especially LOLC Holdings, Browns Investments and Brown and Company, stock market analysts said.

But price appreciation was witnessed in Expolanka Holdings and Expack Corrugated Company which put the market in positive territory. Expolanka Holdings’ share price appreciated by Rs 16.25 or 6.5 per cent. Its share price shot up to Rs 263.50 from Rs 247.25. Expack Corrugated Company, which listed recently, saw its share price appreciate by 30 percent or Rs 5.30. Its share price started at Rs 17.60 at the end of the day it moved up to Rs 22.90. During the day manufacturing sector companies noted gains, while plantation companies showed some profit- takings.

Amid those developments both indices moved upwards. The All Share Price Index went up by 4.41 points and S and P SL20 rose by 13.81 points. Turnover stood at Rs 8.9 billion with a single crossing. The crossing was reported in Access Engineering, which crossed two million shares to the tune of Rs 58 million; its shares traded at Rs 29.

In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 1.8 billion (7.2 million shares traded), Browns Investments Rs 1.2 billion (90.7 million shares traded), Expack Corrugated Rs 933 million (43.5 million shares traded), Lanka Realty Investments Rs 595 million (20.3 million shares traded), Royal Ceramic Rs 406 million (6.3 million shares traded), Vallible One Rs 272 million (four million shares traded)and Dipped Products Rs 248 million (4.7 million shares traded). During the day 343 million share volumes changed hands in 64000 transactions.

Controlling foreign shareholders of Lanka Realty Investments PLC (LRI) yesterday partly shed their stakes to boost liquidity as retailers stepped up buying.

ASCO saw 39 million of its shares change hands via 3,284 trades for Rs. 994.5 million. However, the share closed at Rs. 25.30, down by 18% or Rs. 5.60, though improved liquidity is likely to boost its attractiveness.

Foreign shareholder directors of Northern Trust Company, S/A Ian McVeigh, sold 15.7 million shares at Rs. 25 each and Terry C. Smith shed an equal number. Post-sale, Northern Trust holds 23.83 per cent down from 31.3 per cent and Smith 3.12 per cent, down from 10.6 per cent. Smith is also a connected party to ‘Eighth Wonder’, the holding of which remains unchanged at 11.3 per cent.

Yesterday, the US dollar was quoted at Rs 202.39, which was the Central Bank controlled price aimed at preventing the escalation of prices of essential imported items. However, the actual market price is about to touch Rs 250 market, market sources said.



Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Business

Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM

Published

on

Seated Left to Right - Vinod Hirdaramani, British High Commissioner Andrew Patrick, Krishan Balendra, Bingumal Thewarathanthri, Shiran Fernando

The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th  Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.

The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.

Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.

In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.

This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.

The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”

Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.

He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.

Continue Reading

Business

Kandy’s singing couple striking a harmonious chord

Published

on

Vijitha Kingsley Bandara and Umesha Kalhari Navaratne

In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.

Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.

Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.

For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.

Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.

The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.

Text and Pic by SK Samaranayake

Continue Reading

Business

ComBank unveils GIG+ for Lanka’s digital workforce

Published

on

Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.

ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.

ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.

Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”

The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.

In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.

By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.

Continue Reading

Trending