By Hiran H.Senewiratne
The CSE witnessed Rs. 320 billion in value being wiped off in the past three sessions, reinforcing bearish investor sentiment due to negative internal and external factors. After last Thursday’s record day- gain propelling market capitalization by Rs. 410 billion to Rs. 4.812 trillion, negative sessions had dragged the bourse to Rs. 4.492 trillion recently, stock market analysts said.
Yesterday the stock market commenced with a dip due to worrying news regarding the suspension of domestic gas operations, fuel queues on account of private bowser transporters striking and power cuts. But later the stock market registered some recovery with the Indian government’s positive response on the US $ one billion loan agreement with Sri Lanka. It is said that Finance Minister Basil Rajapaksa met Indian Prime Minister Narendra Modi yesterday noon and that gave some impetus to the market stemming from anticipated Indian financial assistance, market analysts said.
Amid those developments both indices showed mixed reactions The All- Share Price Index went down by 61.7 points and S and P SL20 rose by 3.13 points. Turnover stood at Rs 2.9 billion with a single crossing. The crossing was reported in Multi Finance, which crossed 41.1 million shares to the tune of Rs 400 million; its shares traded at Rs 9.80.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs one billion (4.2 million shares traded), Browns Investments Rs 193 million (19.1 million shares traded), LOLC Finance Rs 155 million (10.4 million shares traded), Hayleys PLC Rs 119 million (1.2 million shares traded), Lanka ILC Rs 87 million (two million shares traded), Royal Ceramic Rs 65.8 million (1.4 million shares traded) and JKH Rs 58.2 million (391,000 shares traded). During the day 117 million share volumes changed hands in 24000 transactions.
It is said high net worth and institutional investor participation was noted in Hatton National Bank non-voting, LOLC Holdings and Royal Ceramics. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Access Engineering, while retail interest was noted in SMB Leasing non-voting, Browns Investments and Dialog Axiata.
Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings).
The Capital Goods sector was the second highest contributor to the market turnover; Browns Investments, Lanka IOC and HNB were also included among the top turnover contributors.
Analysts predict some investors will move into fixed assets with the return on risk free government bonds expected to move above 13 per cent and while 5-year maturities expected to rise above 15-percent.
All commodity prices in Sri Lanka are on the rise due to the currency fall. Currency dealers expect more depreciation in the coming days.
Sri Lanka’s rupee opened at Rs. 275/285 to the US dollar yesterday, dealers said as the forex market is still struggling to establish a free float amid low policy rates, interest rates and surrenders. However, the rupee settled at 269.99. But food inflation has skyrocketed to unprecedented levels, financial analysts said.
Mahindra Ideal Finance One of Sri Lanka’s Great Places to Work
Mahindra Ideal Finance is not only one of Sri Lanka’s leading finance companies, but also one of Sri Lanka’s top employers of choice, attested to by the Company being certified as a Great Place to Work for 3 consecutive years, most recently in 2021.The Company has also been recognized amongst the Best 10 companies in the banking, financial services and insurance sector in 2021 by the Great Place to Work® Sri Lanka. As a result, Mahindra Ideal Finance has attracted a diverse group of individuals at the top of their game to be a part of the Company’s various teams. Having embarked on a landmark islandwide network expansion strategy, Mahindra Ideal Finance is also creating new opportunities for aspiring Sri Lankan professionals looking to build solid careers in financial services.
Duminda Weerasekara – Chief Executive Officer said, “As we are growing our presence around the country through the expansion of our branch network, we are looking for driven and passionate people to reinforce our teams. As we have been a dedicated, caring and trustworthy employer since our inception, Mahindra Ideal Finance is the ideal platform for dynamic young professionals looking to launch or grow their careers.”Great Place to Work®, headquartered in the USA, is the global authority on high-trust, high performance workplace cultures. Great Place to Work provides the benchmarks, framework, and expertise needed to create, sustain, and recognize outstanding workplace cultures.
Daraz Cares introduces ‘Buy one Give One’ initiative – To support families in vulnerable communities
The unfolding economic crisis in the country has presented Sri Lankans with unprecedented challenges, including scarcity of essentials, escalating living expenses and deteriorating living standards. The impacts of the crisis are graver and more ominous for those in vulnerable communities, where families struggle to make ends meet amidst mounting financial difficulties.As part of its commitment to give back to the community, Daraz Cares has come forward with a social initiative that pledges support for families in vulnerable communities. The initiative themed ‘Buy One, Give One’ will support Sri Lankan families faced with financial challenges with a pack of selected daily essentials. The selected items for the ‘Buy One, Give One’ initiative are, a 1kg pack of CIC Sudu Suduru Rice,a 500g of Orient Mysoore Dhal, a 300g pack of Maggi Coconut Milk Powder, 500g of Orient White Sugar, and 500 g packs of Sunlight Lemon and Rose Detergent Powder, which are all available for purchase via Daraz Mart.
The initiative will be implemented in a manner that, each time an individual purchase any desired quantity of one of the nominated items on the Daraz app, Daraz will donate an equal quantity of the same product to a family in vulnerable communities.Daraz invites everyone to purchase a preferred quantity of the selected items via www.daraz.lk/dmart/ and become a part of the ‘Buy One, Give One’ social initiative.
DIMO partners with Allianz to provide innovative insurance scheme to its TATA customers
DIMO together with Allianz recently introduced a state-of-the-art motor insurance & claim settlement scheme designed exclusively for DIMO’s TATA customers.The partnership is focused on assisting the customers to reduce costs incurred during conducting accident repairs through exemption of the owner’s payable portion for TATA vehicles within 5 years of date of manufacture. This innovative facility also offers all TATA customers of DIMO special insurance premium rates at the time of renewal of insurance. DIMO’s TATA customers will enjoy the utmost convenience and zero hassle as both DIMO and Allianz will coordinate all tasks from towing the vehicle to the nearest DIMO-TATA workshop, quick and efficient estimation & approval process, repairing of the vehicle according to exact manufacturer’s specifications, settlement of repair bills to handing over of the vehicle to the customer in original condition.
Ranjith Pandithage, Chairman & Managing Director of DIMO, said, “This partnership will further assist us in offering an enhanced service for our valued customers. As a company, DIMO has always stood for fuelling the dreams and aspirations of the communities we serve in, and it is a pleasure to be able to offer an innovative insurance scheme at a time like this, in collaboration with Allianz.
Gany Subramaniam, CEO of Allianz Insurance Lanka Ltd, said “We are extremely pleased to be partnering with DIMO to offer a customer-centric product, ensuring a vehicle is repaired and restored with minimum hassle.”
Speaker proposes how to steer SL out of crisis
MR had not decided to resign on 09 May, says Weerasekra
Lankan-born Cassandra elected to Australian Parliament
‘Dates have the highest sugar content to fight Coronavirus’
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Sunday Island 27 December – Headlines
News3 days ago
Canadian declaration of ‘Tamil genocide’ may influence European parliaments, EU – Maj. Gen. (retd.) Gallage
News6 days ago
Unprovoked attacks: AG asked to consider taking legal action against MR, others under ICCPR
News1 day ago
Two views on Gota going, food crisis threat by August: Ranil
News2 days ago
PM blames ‘last administration’ for country’s current crisis
News4 days ago
Wimal asks for PSC probe into top officials’ complicity in violence
News2 days ago
SJB, FSP agree on common agenda
News5 days ago
IGP, Public Security Ministry Secy. allowed SLPP goon attacks – Wimal
Features1 day ago
Ranil-Rajapaksa Interim Government and Cabinet are a betrayal of the People