By Hiran H.Senewiratne
The CSE began February on a feeble note with both indices down, despite a healthy turnover level. Yesterday the stock market commenced its daily trading on a negative note and that trend continued until the end of the day, with massive profit-takings noted in blue chip companies, especially the Softlogic Group of companies and Expolanka holdings, market analysts said.
According to market analysts, following a moderate gap of 79 points, the ASPI reversed course due to price declines in index-heavy counters and traded negative for the rest of the session to close with a loss. On similar lines, the more liquid S&P SL20 index also trended downwards on price declines.
The All- Share Price Index went down by 338 points and S and P SL20 declined by 151 points. Turnover stood at Rs 8.9 billion with four crossings. Those crossings were reported in Ceylinco Insurance, which crossed 100,000 shares to the tune of Rs 145 million and its shares traded at Rs 1450, Melstacorp 500,000 shares crossed to the tune of Rs 29.5 million, its shares traded at Rs 59, LOLC Finance 800,000 shares crossed for the tune of Rs 22.4 million, its shares fetching Rs 28 and Softlogic Life Insurance 120,000 shares crossed for Rs 21.6 million, its shares trading at Rs 180.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 2.2 billion (6.9 million shares traded), Softlogic Life Insurance Rs 854 million (5.2 million shares traded), LOLC Finance Rs 564 million (20.3 million shares traded), Browns Investments Rs 420 million (35.3 million shares traded), Softlogic Capital Rs 407 million (23.3 million shares traded), Renuka Agri Foods Rs 342 million (44.5 million shares traded) and Melstacorp Rs 338 million (5.7 million shares traded.
During the day price depreciations were reported in the Softlogic Group of companies, which resulted in other blue-chip companies witnessing heavy selling pressure. Softlogic Life Insurance share price depreciated by Rs 41.50 or 23 per cent. Its share price moved down to Rs 141.50 from Rs 183, Softlogic Capital share price depreciated by 15 per cent or Rs 2.80. Its share price went down to Rs 15.80 from Rs 18.60 and Softlogic Holdings share price fell by Rs 4 or five per cent. Its shares started trading at Rs 70.10 and at the end of the day they moved to Rs 66.`10.
The stock market company with the highest market capitalization, Expolanka Holdings share price depreciated by Rs 30.50 or 9 per cent. Its share price fell to 314.50 from Rs 345. LOLC shares also saw a price drop. Its share price dropped by Rs 75 or six percent. Its share price depreciated to 1118.50 from Rs 1193.50. During the day 262 million share volumes changed hands in 67000 transactions.
It is said high net worth and institutional investor participation was noted in Vallibel One, Softlogic Holdings and JAT Holdings. Mixed interest was observed in Softlogic Life Insurance, Expolanka Holdings and Lanka IOC, while retail interest was noted in Softlogic Capital, Renuka Agri Foods and Browns Investments.
The Insurance sector was the top contributor to the market turnover (due to Softlogic Life Insurance), while the sector index lost 2.55 per cent. The shares of Softlogic Life Insurance lost Rs. 41.50 to close at Rs. 183. The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover while the sector index decreased by 1.44 per cent.
Yesterday the US dollar was quoted at 202.45, which was the Central Bank controlled price. The actual market price is more than Rs 250, market sources said.
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.
Weerawansa’s wife sentenced to RI
Unions predict end of energy sovereignty
US Ambassador calls on Speaker
‘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
Economic crisis: MR, ministers, CBSL Governor, Dr.PBJ ignored IMF warnings
News4 days ago
Lanka’s Amb. in Tokyo quits amidst bid to secure USD loan
Sports4 days ago
Kamil Mishara expelled from Dhaka after having ‘visitor’ in hotel room
News6 days ago
MR had not decided to resign on 09 May, says Weerasekra
News7 days ago
Two views on Gota going, food crisis threat by August: Ranil
News5 days ago
More Opp. members switch allegiance as six more ministers are sworn in
Features7 days ago
Ranil-Rajapaksa Interim Government and Cabinet are a betrayal of the People
News6 days ago
Speaker proposes how to steer SL out of crisis