Business
Bourse turns volatile and negative but turnover hits Rs. 6 billion

By Hiran H.Senewiratne
The CSE lost its winning streak in terms of the benchmark index, but investors remained bullish propelling the turnover to a healthy Rs. 6.billion with over 252 million shares traded yesterday.
However, during the day the market was volatile and remained negative. During the latter part of the day the market was dragged down by index heavy LOLC Group company, Commercial Leasing and Finance, stock market analysts said.
Commercial Leasing and Finance shares witnessed heavy selling pressure and its share price depreciated by 18 percent or Rs 11.10, thus contributing 157 negative points to the All- Share Price Index. Its shares started trading at Rs 61.90 at the end of the day, its price dropped to Rs 50.80.
Amid those developments both indices indicated mixed reactions. All Share Price Index went down by 157.58 points and S and P SL20 was up by 10.68 points. Turnover stood at Rs 6.48 billion with two crossings. Those two crossings were reported in HNB, which crossed 700,000 shares to the tune of Rs 105 million and its shares traded at Rs 150 and NDB 400,000 shares crossed for Rs 28.2 million, its shares traded at Rs 70.50.
In the retail market top seven companies that mainly contributed to the turnover were, Browns Investments Rs 1.2 billion (85.3 million shares traded), Expolanka Holdings Rs 825 million (2.9 million shares traded), Commercial Leasing and Finance Rs 754 million (14.5 million shares traded), Vallibel One Rs 520 million (6.9 million shares traded), LOLC Finance Rs 285 million (11 million shares traded), Softlogic Life Insurance Rs 238 million ( 5.7 million shares traded) and LOLC Holdings Rs 150 million (153,000 shares traded) During the day 252 million share volumes changed hands in 49000 transactions.
It said high net worth and institutional investor participation was noted in LOLC Holdings. Mixed interest was observed in Expolanka Holdings, Vallibel One and Brown & Company, while retail interest was noted in Browns Investments, Softlogic Capital and Lanka Orix Finance.
After witnessing a strong first half, the ASPI reversed its intra-day gains, led by a pull-back in heavyweights Commercial Leasing and Finance and LOLC Finance and closed out the session with modest losses, while the more liquid S&P SL20 index held steady ground to continue its upward trend for the eleventh consecutive session and supported by price gains in Expolanka, LOLC, Vallibel One and Browns.
Softlogic General Insurance will go for an IPO. It will open on December 16 and will issue 120 million shares at Rs 7.90 per share value to raise Rs. 948 million.
Yesterday, the US dollar rate was quoted at Rs 201.93, which was an artificially controlled price of the Central Bank to prevent price escalations in essential imported items. At present the actual US dollar rate is sky-rocketing, which is about to touch more than Rs 250.
Business
Technical Certificates of Completion for 64 out of 74 plots of Port City Colombo SEZ

Technical Certificates of Completion for 64 out of 74 plots of the Port City Colombo SEZ have been received by the Commission, a Colombo Port City Economic Commission semi-annual progress report for FY 2022 notes.
A press release by the Commssion said: ‘The Colombo Port City Economic Commission (the Commission), the Single Window Investment Facilitator authorised to assist investors, businesses, and residents in conducting their activities seamlessly and efficiently in Port City Colombo, is pleased to release its semi-annual progress report for FY 2022 from July to December 2022.
‘The Port City Colombo Special Economic Zone (SEZ) is designed to be a prestigious, strategically located city in the heart of South Asia, with sustainable high-quality public spaces and infrastructure, providing top-quality commercial, entertainment, medical, education and lifestyle. International destinations such as DIFC, DMCC, Labuan, Singapore, and Mauritius were studied for their regulatory frameworks, fiscal incentives, and operational efficiency to identify the most competitive processes and policies for Port City Colombo. The benchmarking study was done by global consultants such as Boston Consulting Group, PwC, KPMG, EY, Pinsent Masons, Zico Law, JLL, etc., for the SEZ’s thrust sectors, supported by market feedback on both fiscal and non-fiscal parameters.
‘Port City Colombo SEZ Regulations for the registration, licensing, authorisation and other approvals of Authorised Persons, were published by extraordinary gazette in September 2022, bearing number 2299/46. The SEZ’s Regulations for the registration and licensing of Authorised Person Fees, were also gazetted in September 2022, bearing number 2299/47. The registration of offshore company regulations were gazetted in the month of November 2022, bearing number 2306/54.
‘Agreements have been signed between the Commission and the Registrar General of Companies and Controller General of Immigration and Emigration in order to streamline services offered to Authorised Persons.
‘Sectoral Progress Highlights:
Banking – The Minister of Finance issued licences under the Colombo Port City Economic Commission Act to four (4) banks during the first half of 2022. The Commission has since received requests from three (3) more banks during 2022. Additionally, 10 Financial and Banking Regulations were also drafted under Sections 44 and Sections 45 of the Colombo Port City Economic Commission Act No. 11 of 2021 and are awaiting review with the Monetary Board of Sri Lanka.
Security – The Sri Lanka Police opened a Post on-site for visitor protection, with water access control and lifeguard services being handed to the Sri Lanka Navy. CCTV networks were also installed in public areas.
Social Infrastructure – In addition to an internationally-reputed hospital and school, the Commission has identified the need for a world-class university within Port City Colombo and modified the Master Plan accordingly.
Commercial Infrastructure – With the retail mall infrastructure complete, the commencement of the interior work has begun. The mall will showcase premium merchandise, with an array of cuisine options and entertainment, and is set to commence operations by Q2 of 2023.
Immigration and Visa Arrangements – In collaboration with the Department of Immigration and Emigration, the Commission has introduced three (3) new visa categories for Port City Colombo. These 3 visa categories are – the Investor visa for ten (10) years, the Employment visa for up to five (5) years, and the Resident visa for five (5) years. Port City Colombo visas allow supplementary benefits, such as visas for the spouse, kids, and other support staff members, which can be obtained under the primary visa applicant. The visa fee is USD 200 per year for each applicant. Visas are renewable as required and applicable only to Foreign Investors.
Master Plan Implementation – A planning committee consisting of key stakeholders was created to expedite the approval of building plans submitted under the Development Control Regulations (DCRs) for each plot of the Port City Colombo SEZ. The DCRs provide a clear framework for the development of buildings, land use, green spaces, utility networks, and sustainability measures, among other factors.
Preliminary designs for the Marina Development and Villa Project have been submitted by two investors, with several more plots in the final stages of discussion for lease.
Business
New wealth tax proposals exert negative impact on shares

By Hiran H. Senewiratne
CSE trading activities yesterday were somewhat negative because investors were worried about the impact of the IMF-inspired new wealth tax proposals on citizens, market analysts said.
Apart from profit- takings, the effects of the new direct tax system on citizens created some confusion for stock market investors, analysts said. This was also highlighted by President Ranil Wickremesinghe in Parliament yesterday.
Amid those developments both indices moved downward. The All Share Price Index went down by 77.4 points and S and P SL-20 declined by 24.6 points. Turnover stood at Rs 1.5 billion with one crossing. The crossing was reported in First Capital Holdings, which crossed one million shares to the tune of Rs 33 million; its shares traded at Rs 33.
In the retail market, top seven companies that mainly contributed to the turnover were; SLT Rs 428 million (4 million shares traded), Lanka IOC Rs 115 million (651,000 shares traded), Expolanka Holdings Rs 98.7 million (716000 shares traded), Lanka Hospitals Rs 57.2 million (440,000 shares traded), Browns Investments Rs 51million (7.5 million shares traded), Capital Alliance Rs 50.40 million (1.5 million shares traded) and First Capital Treasuries Rs 46.2 million (two million shares traded). During the day 69.9 million shares volumes changed hands in 21000 transactions.
Yesterday the rupee appreciated against the US dollar. The buying rate was Rs 312.61 and the selling rate Rs 330.16. Further, the price of gold also reduced due to the rupee appreciation.
Business
Dialog, Sri Lanka Air Force & EWIS provides digital education to Ravaneswaran Tamil School, Trincomalee

Dialog Axiata PLC recently joined hands with the Sri Lanka Air Force and E-W Information Systems Ltd to re-furbish the computer laboratory of the Ravaneswaran Tamil School in Kanniya, Trincomalee and upgraded the facility with digital educational tools and equipment. This worthy cause was initiated and directed by the Commander of Sri Lanka Air Force (SLAF) and the Group Chief Executive of Dialog Axiata PLC.
Dialog provided Magicbit Pro units with full pluggable and sensor modules to explore creativity with technology. Magicbit is an innovation platform and a STEM tool made for Internet of Things (loT), Robotics, Electronics and Programming. Dialog, furthermore, provided Nenasa TV facility and a pledged support for fully paid student broadband facility. Nenasa TV is a Public-Private-Partnership with the Ministry of Education; an initiative to support grade 1 to 13 students through eight dedicated TV channels in Sinhalese and Tamil. The content aired on each channel is provided and strictly monitored by the Ministry of Education.
The Sri Lanka Air Force in China Bay swiftly provided the labour for all civil work and assisted in repairing computers which needed attention, in a span of a few days. E-W Information Systems Ltd provided brand new desktop computers and sourced some of the hardware required to restore the remaining machines, together with Dialog.
Thamotharampillai Sivanantham, Principal of Ravaneswaran Tamil School, expressed his views on this occasion “Our children had an IT laboratory, but with hardly any usable equipment. Still one of our students won the Regional ICT award in 2022. I am very positive our students will fully benefit from the new ICT equipment and internet services. Additionally, our facility was beautifully restored in just a few days. On behalf of the school administration, parents & students I would like to thank Dialog, Sri Lanka Airforce and EWIS for coming together and providing us this service”.
The students and the school administration were overwhelmed by this generosity, a need for many years. Dialog also offered teacher-student training in the use of the technology and will continue to provide service and support on connectivity and together with the SLAF and EWIS would continue to monitor the progress achieved by the school through the provided technology and pledged further assistance in time. This worthy cause was executed parallel to the 10th edition of the Commanders’ Cup golf tournament in Trincomalee, which was sponsored by Dialog Enterprise.
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