By Hiran H.Senewiratne
CSE activities were relatively positive throughout yesterday and at one point the ASPI moved up by 80 points. During the latter part of the day index heavy LOLC and Browns Investments shares witnessed some price appreciation, thereby positively contributing to the All Share Price, stock market analysts said.
It is said that LOLC shares appreciated by Rs. 48 or 13 percent, contributing 50 points to the All Share Price Index. Its shares traded at Rs. 342 and at some point they moved up to Rs. 412 and later settled at Rs. 387.75. Another company that mainly contributed to the Index was Browns Investments. Its shares traded at Rs. 5 the previous day and at the end of the day (yesterday) they moved to Rs. 5.50. Its shares appreciated by 10 percent and contributed 23 points to the market.
Amid those developments, both indices were positive. All Share Price Index was up by 148.02 points and S and P SL20 by 69.57 points. Turnover stood at Rs. 3.34 billion without any crossings.
In the retail market, companies that mainly contributed to the turnover were, LOLC Rs. 595.9 million (1.6 million shares traded), Haycarb Rs. 309 million (2.6 million shares traded), Browns Investments Rs. 267 million (49 million shares traded), JKH Rs. 221 million (1.4 million shares traded), Richard Piers Rs. 213 million (11.9 million shares traded) and Sampath Bank Rs. 168.4 million (1.1 million shares traded). During the day 123.5 million share volumes changed hands in 24543 transactions.
Sri Lanka rupee was quoted weaker around 196.00/196.40 levels to the US dollar in the spot-next market on Thursday, while bond yields were quoted wider, dealers said. The rupee last closed in the spot-next market at 195.00/198.00 levels on Wednesday.
CBSL and IFC launch National Financial Inclusion Strategy
Sri Lanka’s first National Financial Inclusion Strategy (NFIS) aunched recently, aims to make financial services more accessible, efficient, and affordable for all households and businesses in the country.
The NFIS is a joint effort led by the Central Bank of Sri Lanka—with technical and financial assistance from IFC, a member of the World Bank Group—under the IFC-DFAT Women in Work program. The development of this strategy was a multi-stakeholder effort supported by the government of Sri Lanka.
“The National Financial Inclusion Strategy symbolizes our country’s commitment towards a better and inclusive Sri Lanka that will benefit all individuals and enterprises. I believe this strategy will complement the Government’s efforts to minimize the provincial income disparities, urban-rural inequalities, and to promote inclusive growth,” said Mahinda Rajapaksa, Prime Minister of Sri Lanka.
“More importantly, this strategy prioritizes future generations, having identified financial literacy as a key pillar. The proposal to strengthen the national curriculum in this area is a positive step. Investing in the education of our younger generation is the most significant investment we can make as a nation, as this will be a particularly helpful approach to the systematic correction of the financial habits of Sri Lankans,” the Prime Minister said.
HNB – Havelock City partnership offers exclusive Ezy Pay Home Loans facility
HNB PLC has partnered with Havelock City mixed-use development project to offer prospective homeowners of state-ofthe-art luxury apartments in Stratford and Melford Towers (Phase 3 – COC certified) and Peterson and Edmonton Towers (Phase 4) with the exclusive Ezy Pay Home Loans facility.
The partnership is set to offer customers the unprecedented opportunity to make a payment of only 20% and immediately occupy the limited units available in Phase 3 of the project or invest in apartments available in Phase 4, scheduled to be completed by May 2021. Further, Havelock City will take on the customer’s interest payment for one year.
“We have witnessed an increase in the demand for apartments and are aware that there is a limited stock of units available in the heart of Colombo. Therefore, we hope that this partnership with Havelock City will offer our customers looking to invest in a home of their own the facility to either move into an apartment immediately or invest in a home of their dreams,” HNB Head of Personal Financial Services, Kanchana Karunagama said.
Prospective homeowners can make use the bank’s flexible repayment options, such as the Step-up facility, which offers a repayment option in line with the customers evolving income. Customers can also obtain a maximum repayment period of 25 years for the loan facility for an attractive interest rate starting from just 7%.
DPL lends a hand to children in Monaragala Rubber Farming Communities
As part of its ongoing efforts to empower and uplift the livelihood of its farmer co-operative societies, Dipped Products PLC (DPL) distributed school bags to the children of 1,500 smallholder rubber farmers for the 10th consecutive year, under its flagship Firstlight CSR project.
This year’s distribution recorded the largest donation of school bags, which was nearly a two-fold increase from the previous year, bringing the total value of the distribution up to nearly Rs. 1 million.
Taking place at the Pinwatta Bodimalu Viharaya in Medagama, Monaragala, this latest distribution marks the Company’s continued efforts to support the smallholder rubber farming communities, by ensuring that their essential needs are looked after.
“Especially in this time of economic uncertainty, with the nation facing significant challenges and hardships, it is truly touching to see the positive impact which we continue to have on the underprivileged smallholder rubber farming communities. We believe that programmes like Firstlight hold the key to enhancing the livelihoods of our 1500-strong rubber farmers, providing them with an improved quality of life, whilst paving the way to open up new opportunities and a brighter future. This is why, with the enthusiastic response we have received over the years, we have now also expanded this school bag distribution to include the District of Kegalle,” Dipped Products Deputy Managing Director, Pushpika Janadheera said.
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