By Hiran H.Senewiratne
Trading activities at the Colombo Stock Exchange (CSE) were positive in the early part of yesterday, however, an acute market downturn was witnessed due to profit taking towards the end of the day especially at blue chip counters, market analysts said.
“The ripple effect from the global markets due to tensions between Russia and the western world on Ukraine as well as high inflation rate recorded in major global economies continue to reflect on emerging markets like Sri Lanka,” they said.
“Overall however, CSE was able to maintain a healthy turnover level despite profit taking”, they said.
Amid such developments both indices moved downwards. All Share Price Price down by 173.9 points and S and P SL20 down by 111 points. Turnover stood at sis billion with two crossings. Those crossings were reported in Hemas Holdings, which crossed 1.3 million shares to the tune of Rs 91 million and its share price traded at Rs 70 and Vallibel One 350,000 shares crossed to the tune of Rs 32.5 million and its share price traded at Rs 93.
In the retail market top seven companies that mainly contributed to the turnover were Expolanka Holdings Rs 1.26 billion (3.2 million shares traded), Softlogic Life Insurance Rs 512 million (4.1 million shares traded), Browns Investments Rs 339 million (20.3 million shares traded), Kelani Valley Plantations Rs 201 million (1.6 million shares traded), Ceylon Cold Stores Rs 201 (289,000 shares traded), ACL Cables Rs 191 million (1.5 million shares traded) and Grain Elevators Rs 185 million (1.3 million shares traded). During the day 151 million shares volume changed hands in 51000 transactions.
During the day Ceylon Cold Stores share price appreciated by 24 percent or Rs 127.75 after announcing a share subdivision on the basis of one into 10 to boost the number of shares without a corresponding increase in the stated capital. At present, CCS had 95.04 million shares in issue, and post-subdivision, it will increase to 950.4 million.The CCS share startered trading at at Rs. 525.75 at the end of the day it shot up to Rs 649.. The move is subject to shareholder approval at an EGM. The public float of CCS is 18.56 percent held by 2,264 shareholders.JKH saw 80.65 million of its shares traded for Rs. 12.98 billion. Single biggest shareholder, the Canada-based global financial services giant Fairfax, transferred part of its holding via Citigroup Global Markets Ltd. Agency Trading Prop Securities to related party HWIC Asia Fund.Citigroup Global Markets Ltd. Agency Trading Prop Securities as of 30 September 2021 held 141.85 million shares, or 10.7 percent . Of that, 80.16 million shares were transferred to HWIC Asia Fund via two crossings at Rs. 161 per share. The balance stake is expected to be transferred as well to HWIC Asia Fund which held 39.2 million shares, or 3.2 percent stake, in JKH as of 30 September 2021.
Wing Commander (Retd.) D. Pradeep S. Kannangara elected president, Industrial Security Foundation
The Industrial Security Foundation (ISF) which acts as the sole organization in Sri Lanka to represent the Private Security industry having incorporated by an Act passed in the Parliament, Act No. 51 of 1999, elected Wing Commander (Retd.) Pradeep Kannangara as its President for the years 2022/2023 at its 30th annual General Meeting which was held at the PIM Auditorium in Borella. Wing Commander Pradeep Kannangara was appointed President while 14 other members were appointed to the Executive Committee, strengthening the ISF in order to drive and uplift the standards of the private security industry in Sri Lanka.
He has served on the ExCo consecutively since 2012 under four different presidents where he held the positions of Senior Vice President during the last three consecutive years. He has also been a committed member of the ISF and was awarded prestigious coveted FISF title due to his many valuable contributions to the organization and the Private Security Industry in Sri Lanka in 2012.
Wing Commander Kannangara’s journey into private security began after a successful career in the Sri Lanka Air Force for over 24 years where he served in many capacities finally being the Officer Commanding of the Special Air Borne Force. A recipient of the Ranasura Padakkama (RSP) Gallantry award for his bravery, sacrifices and service to the nation by the President of the Socialist Republic of Sri Lanka in 1990. He holds a Master’s in business management from the Edith Cowan University, Perth, Australia too and serves as a Board Director in AB Securitas (Private) Limited in Sri Lanka and AB Securitas Bangladesh Limited.
Kitchen & Bedroom reaffirms its partnership with Häfele Sri Lanka
Kitchen & Bedroom, a name synonymous in the interior designing and furniture sector in the country recently celebrated its long-standing partnership with Häfele Sri Lanka during the latter’s 12th year anniversary celebratory event, reaffirming its ambitious plans to further strengthen and explore the numerous opportunities available here.
Häfele Sri Lanka, part of Häfele India which is a wholly owned subsidiary of the Hafele Global network, is a technology partner for various projects and initiatives of Kitchen & Bedroom. Both the companies operate in the interior design space, sharing their cumulative knowledge and expertise to provide extensive and personalized solutions catering to domestic requirements.
‘We take great pride in our association with Häfele Sri Lanka having exchanged and collaborated on many projects both commercial and household. We share similar values such as providing high quality, sustainable, functional and customized solutions to our customers, and most importantly to guide them through every aspect and step of the project and how best we could bring out their desired design,’ said Dr. Sacquaff, Kitchen & Bedroom Group CEO.
DSI strengthens its islandwide presence with three new showrooms
Amid the prevailing economic hardships faced by Sri Lanka, Sri Lanka’s premier footwear brand DSI recently expanded its islandwide presence in the country with the opening of three new showrooms in Kahawatta, Akuressa, and Chavakachcheri, with the aim of offering greater access to its diversified product range to a wider customer base.
Gracing the special occasion, the showrooms were declared open by D. Samson & Sons (Pvt.) Ltd. Managing Director Thusitha Rajapaksa, in the presence of Director Asanka Rajapaksa, General Manager Pradeep Samarathunga, National Sales Manager – Retail Sales Naleen Weerawardana, invitees, and well-wishers.
Speaking at the opening ceremony, Thusitha Rajapaksa stated: “We are excited about expanding DSI wings to three new locations. Despite the ongoing economic conditions of the country, we took a call to take a proactive measure to expand our islandwide presence. While it has been a challenge, the commitment and hard work of our team has made it possible to serve our loyal customers better, and we are confident that we will be able to continue these efforts in the future as well.”
DSI is renowned for its well-trained staff who offer exceptional customer service. The three new DSI showrooms prioritize providing a unique service and customer support to make purchasing further convenient for the customer.
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