Connect with us

Business

Rupee appreciation against US dollar generates positive sentiment in share market

Published

on

By Hiran H. Senewiratne

With the improvement in macroeconomic indicators, the CSE witnessed some positive sentiment throughout yesterday. The rupee appreciated against the US dollar and the possibility that inflation will come down to single digits by year-end should compel interest rates to come down as well with some positive sentiment being seen in the CSE, market analysts said.

Sri Lanka’s shares gained in mid-day trade on positive sentiments on speculation of a potential conclusion of the IMF deal of US $ 2.9 billion, analysts said. “The market also anticipates rate cuts to be announced at the CBSL Monetary Policy review today, an analyst added.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 111.2 points and S and P SL20 rose by 30.8 points. Turnover stood at Rs 1.5 billion with two crossings. Those crossings were reported in Sampath Bank, where 3 million shares crossed to the tune of Rs 150 million; its shares traded at Rs 53 and NDB 500,000 shares crossed to the tune of Rs 21 million, its shares fetched Rs 42.

In the retail market top seven companies that mainly contributed to the turnover were Commercial Bank, Rs 148 million (2.2 million shares traded), Sampath Bank Rs 131 million (2.4 million shares traded), Melstacorp Rs 69.2 million (1.2 million shares traded), Central Finance Rs 54.6 million (765,000 shares traded), Expolanka Holdings Rs 47.2 million (168,000 shares traded), HNB Rs 41.4 million (376,000 shares traded), HNB Rs 41.4 million (376,000 shares traded) and Softlogic Capital Rs 40.9 million (3.5 million shares traded).During the day 78.4 million share volumes changed hands in 16000 transactions.

It is said high net worth and institutional investor participation was noted in Lanka IOC, Chevron Lubricants and Bukit Darah. Mixed interest was observed in Hatton National Bank, Sampath Bank and JKH, while retail interest was noted in Softlogic Capital, Amana Bank and Access Engineering.

The energy sector was the top contributor to the market turnover (due to Lanka IOC), while the sector index gained 0.62 per cent. The share price of Lanka IOC increased by one rupee to Rs. 199.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Bukit Darah) while the sector index increased by 0.40 per cent. The share price of Bukit Darah gained Rs. 12.50 (3.15 per cent) to Rs. 409.75.

The rupee was offered at Rs 346 at open in the spot market yesterday with no buyers, dealers said, up from the previous close of Rs 353.46/353.50 to the US dollar.

The Central Bank announced a guidance peg of Rs 353.46 to the US dollar Thursday, with a Rs 7.50 variance on either side. The rupee had been under upward pressure after the Central Bank stopped printing money.



Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Business

Priority areas for deepening Japan-SL economic ties

Published

on

Executive Committee for the Year 2026/2027

Japan Business Council (SLJBC) of The Ceylon Chamber of Commerce recently held its 47th AGM, with the Ambassador of Japan and the Patron of the Council, Akio ISOMATA, attending as the Chief Guest.

Addressing the gathering, Ambassador ISOMATA outlined three priorities for deepening bilateral economic relations: an effective and forward-looking trade and investment policy, the promotion of domestic industrial policy, and expanded investment in renewable energy. He noted that Sri Lanka’s ongoing review of its Free Trade Agreement policy would be important in shaping the country’s future negotiating landscape. He encouraged Sri Lanka to look Eastward toward Southeast Asia and Japan, proposing that the country adopt an export-oriented industrial model. The Ambassador welcomed the Government’s National Export Development Plan 2026 and National Mineral Policy 2026 as consistent with Japan’s vision of connecting Sri Lanka’s export-related manufacturing sectors with India’s high-growth manufacturing base.

In his address, President Athulla R F Edirisinghe reflected on nearly seven decades of humanitarian and development support extended by Japan to Sri Lanka, and paid tribute to the Chairman of the Sasakawa Peace Foundation Yohei Sasakawa, for his magnanimity in establishing the Foundation. Reflecting on the history of Japanese investment in the region from the 1970s onward, he observed that Sri Lanka had missed many opportunities to attract Japanese foreign direct investment. Highlighting the 2025 proposal for a Sri Lanka – Japan Economic Corridor by the Ministry of Economy, Trade, and Industry Japan, he called on Sri Lankan businesses, industry associations, and the wider community to come together in dialogue with the Government to ensure the country does not miss this opportunity as well.

2026/27 Committee: President: Athulla R F Edirisinghe – Director, Hirohama Ceylon (Pvt) Ltd, Senior Vice President – Ruwan Waidyaratne – Managing Director, Hayleys Advantis Ltd, Vice – President – Shamil Mendis – Managing Director, Spear International (Pvt) Ltd, Treasurer – Rohitha Mendis – Managing Director of Prudential Shipping Lines (Pte) Ltd, Immediate Past President – Mahen Kariyawasan – Managing Director, Andrew The Travel Company (Pvt) Ltd, representatives from Amano Lanka Engineering (Pvt) Ltd, BOV Capital (Pvt) Ltd, Brandix Apparel (Pvt) Ltd, Heritage Teas (Pvt) Ltd, Kalhari Enterprises (Pvt) Ltd, Lanka Harness (Pvt) Ltd, Dentsu Grant (Pvt) Ltd, MAC Holdings (Pvt) Ltd, and Vidullanka PLC. By invitation: HVA Foods PLC (subsidiary of George Steuart & Co), Spillburg Holdings (Pvt) Ltd, and Vaughan Chemicals (Pvt) Ltd.

The Sri Lanka – Japan Business Council plays an important role in promoting trade, tourism, and investments between Japan and Sri Lanka. For membership inquiries contact Kiyara at The Ceylon Chamber of Commerce via E-mail: businesscouncils1@chamber.lk or Tel.: 011 5588875/ 5588800.

Continue Reading

Business

Rekawa turns turtle conservation into a 30-year community business model

Published

on

Stakeholders at 30th anniversary celebrations of the turtle conservation project.

By Ifham Nizam

What started 30 years ago as an effort to protect sea turtles has evolved into a community-based economic model that has generated livelihoods, attracted tourists and transformed Rekawa into one of Sri Lanka’s best-known nature tourism destinations.

The Rekawa Turtle Conservation Project, launched on September 2, 1996, by the Turtle Conservation Project (TCP) in partnership with the Department of Wildlife Conservation and the Rekawa community, marked its 30th anniversary last week, demonstrating how biodiversity protection can become an economic opportunity for communities living alongside sensitive natural resources.

Speaking at the anniversary celebrations, TCP chairman Thushan Kapurusinghe said the project currently provides direct livelihoods for 28 people, but its economic impact extends considerably beyond those directly employed by the programme.

‘Today, 28 people directly earn their livelihood through this project. But its impact goes far beyond those 28 individuals, Kapurusinghe said.

He pointed to the transformation of the area over the past three decades, arguing that the growth of tourism in the community has been closely linked to the turtle conservation programme.

‘If you travel from Netolpitiya to this area, you can clearly see how much the village has transformed over the years. There is no doubt that the growth of tourism in this community has been driven by the Turtle Conservation Project, he said.

The economic significance of Rekawa lies in its ability to convert the protection of a natural asset into a source of recurring community income.

Tourists do not come to Rekawa merely to see a beach. They come to witness sea turtles emerging from the ocean and nesting in their natural habitat—a tourism experience that depends directly on the continued protection of the nesting beach.

Kapurusinghe said tour operators regularly bring visitors to Rekawa, with some tourists traveling there after visiting major attractions such as the Kandy Esala Perahera.

The model represents a fundamental shift from viewing conservation as an expense to recognising biodiversity as an economic asset that can generate sustainable livelihoods when properly managed.

The 30th anniversary celebration at the Rekawa Turtle Conservation Project Information Centre brought together Southern Wildlife Region Director of the Department of Wildlife Conservation Channa Suraweera, government officials, conservation organisations, community representatives and long-standing supporters of the initiative.

Individuals who had contributed to the project over the past three decades were also recognised with awards for their service to sea turtle and environmental conservation.

Rekawa’s experience has attracted international attention because of precisely this combination of conservation and community development. The project has received international recognition as well as the Green Employment Award from the Ministry of Environment and Natural Resources. Earlier international recognition included a highly commended ‘Tourism for Tomorrow’ award, while the project’s turtle-watch programme subsequently received further recognition in responsible tourism and conservation.

Continue Reading

Business

Ceylinco Life brings premium policyholders closer to the magic of the Kandy Perahera

Published

on

For an evening, the timeless spectacle of the Kandy Esala Perahera unfolded at especially close quarters for a select group of Ceylinco Life’s most valued policyholders and their families, who were hosted to an exclusive viewing experience by the Company’s Customer Relations Division.

Held at the Ceylinco Life Kandy Branch on Kings Street, the annual event coincided with the second Randoli Perahera, bringing guests into the heart of one of Sri Lanka’s most spectacular expressions of culture, tradition and pageantry.

As the procession made its majestic passage through the streets of Kandy, guests enjoyed VIP seating at a prime vantage point, allowing them to experience the colour, movement and grandeur of the Perahera up close. The evening offered a fitting setting for Ceylinco Life to celebrate its enduring relationships with its premium clientele.

The experience extended well beyond the spectacle outside. Guests were welcomed with evening refreshments and an exclusive dinner buffet presented by the prestigious Amaya Hills Resort, adding a fine-dining dimension to an already memorable evening.

Families, too, were at the centre of the occasion. A private movie theatre experience provided entertainment for children and adults alike, while each attending family received a beautifully framed family photograph as a personalised souvenir, a tangible reminder of an evening shared together against the backdrop of one of Sri Lanka’s most treasured cultural traditions.

Besides being a much sought-after opportunity to watch the Perahera, the occasion was an expression of appreciation. Through its continuing Customer Relationship Management activities, Ceylinco Life seeks to create experiences that recognise its most valued policyholders not simply as customers, but as relationships to be celebrated and nurtured. And on this particular August evening, the enduring splendour of the Kandy Perahera provided the perfect setting for doing just that.

Continue Reading

Trending