Connect with us

Business

Share market in bullish trend; TU action seen as unsuccessful

Published

on

By Hiran H. Senewiratne

The stock market was extremely bullish in the early part of the session yesterday and edged- up in mid-day trade, ending on a positive note with news that the IMF loan agreement talks would come to a conclusion by March 20, market analysts said.

“The market is moving sustainably and is healthy because the market moves between profit- taking and buying interests. These are considered positive factors and contributors. Yesterday’s trade union action not being successful also gave an impetus to the market, analysts added.

Both indices moved upwards. The All- Share Price Index was up 37.1 points, while the most liquid index S&P SL20 was also up by 18.7 points. Turnover stood at Rs 1.63 billion with two crossings. Those crossings were reported in HNB, which crossed 1.7 million shares to the tune of Rs 232 million, its shares traded at Rs 135 and JKH 216,000 shares crossed to the tune of Rs 30.8 million, its shares traded at Rs 142.75.

In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 134 million (933,000 shares traded), Piramal Glass Rs 92.4 million (4.4 million shares traded), Browns Investments Rs 86.7 million (13.7 million shares traded), Tokyo Cement (Non-Voting) Rs 74.9 million (1.6 million shares traded), Tokyo Cement (Voting) Rs 66.4 million (1.3 million shares traded), Dialog Axiata Rs 58.1 million (5.5 million shares traded) and ACL Cables Rs 56.3 million (641,000 shares traded). During the day 66.8 million share volumes changed hands in 18000 share transactions.

“The turnover is slow because people are entering minimal profit- taking, not eagerly wanting to dump shares and sell them, an analyst said. Buying was mainly seen in financial indexes, retail counters and construction indexes, market sources said.

Yesterday, the Central Bank quoted the rupee at around Rs 337/340 to the US dollar in the spot market in intra-day trade, after opening wide at Rs 336/344 levels, dealers said. The rupee closed at Rs 336/341 to the US dollar on Tuesday.

Sri Lanka operated a consistent policy peg until March when the Central Bank was buying and selling dollars at around Rs 360/370 and sales went down as domestic credit reduced and the rupee came under upward pressure.



Business

ComBank unveils new Corporate Branch at Head Office

Published

on

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.”

Continue Reading

Business

Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

Published

on

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.

Continue Reading

Business

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

Published

on

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.

Continue Reading

Trending