Connect with us

Business

Share investors adopt cautious stance in run-up to IMF-govt. meet

Published

on

By Hiran H.Senewiratne

Stock market activities were somewhat positive yesterday despite there being profit- takings as some local and foreign investors adopted a cautious stance.

Market analysts said that investors were cautious in the run-up to a team from the IMF visiting Sri Lanka this week and meeting President Anura Kumara Dissanayake, a top official said.

The IMF team will also be making a courtesy call on Anil Jayantha, the head of the Economic Council of the President’s National people’s Power party.

Amid those developments, both indices moved upwards. The All Share Price Index went up by 89.5 points while S and P SL20 rose by 49.5 points.

Turnover stood at Rs 2.62 billion with two crossings. Those crossings were reported in HNB, which crossed 857,000 shares to the tune of Rs 176 million; its shares traded at Rs 205 million and JKH 116,000 shares crossed for Rs 21 million; its shares traded at Rs 180.

In the retail market top seven companies that mainly contributed to the turnover were; United Motors Rs 262 million (five million shares traded), JKH Rs 155 million (871,000 shares traded), HNB Rs 128 million (124,000 shares traded), Hayleys Fabrics Rs 89 million (1.7 million shares traded), Dipped Products Rs 85.7 million (2.25 million shares traded), Commercial Bank Rs 80 million (789,000 shares traded) and Access Engineering Rs 69 million (2.9 million shares traded). During the day 126 million share volumes changed hands in 18449 transactions.

It is said that during the day the banking sector was very active. HNB and Commercial Bank became the highest contributors to the market. The manufacturing sector was the second largest contributor to the turnover.

Apart from that the Pick Me, IPO was oversubscribed 2.7 times as high net worth investors bought much shares amounting to Rs 4.2 billion while the target amount was Rs 1.56 billion.

Yesterday, the rupee appreciated to open at Rs 297.25/75 to the US dollar from Rs 298.70/299.00 a day earlier, while bond yields were up dealers said.

A bond maturing on 15.12.2027 was quoted at 11.60/70 percent, up from 11.40/55 percent.

A bond maturing on 15.02.2028 was quoted at 11.80/90 percent, up from 11.75/85 percent.

A bond maturing on 15.06.2029 was quoted at 11.90/12.00 percent, up from 11.90/12.05 percent.

A bond maturing on 15.05.2030 was quoted at 12.00/20 percent, up from 11.90/12.05 percent



Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Business

Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration

Published

on

Containers held up at the Port of Colombo

By Ifham Nizam

The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.

Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.

‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.

For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.

Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.

‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other

Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.

He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.

‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.

For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.

Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.

Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.

‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’

He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.

Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.

Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.

Continue Reading

Business

China backs Sri Lanka’s Non-aligned stance to counter regional pressures

Published

on

Chinese Ambassador Wei Huaxiang delivering the keynote address in Colombo

By Sanath Nanayakkare

As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.

In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.

By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.

The Strategic Value of Independence

For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.

Beyond Ports and Industrial Zones

This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.

By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.

As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.

For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.

Continue Reading

Business

Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer

Published

on

Dr. Sameera Dharmasena

Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.

Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.

Continue Reading

Trending