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Bourse’s bullish sentiment boosts indices; tile sector shares appreciate markedly

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By Hiran H.Senewiratne

The CSE saw bullish sentiment among investors which drove both indices up amid a high Rs. 9 billion turnover level yesterday. The manufacturing sector companies, especially tile sector entities, noted a price appreciation while profit-takings were noted in plantations sector counters, stock market analysts said.

Tile sector entities experienced an exceptional price appreciation during the day due to import restriction of tiles and other related products. Those companies were Lanka Tiles, whose share price appreciated by 12.3 per cent or Rs 11.50. Its shares shot up to Rs 103.50 from Rs 92, Lanka Wall Tiles share prices appreciated by 12 percent or Rs 12.50. Its shares started trading at Rs 100.75 and at the end of the day they moved to Rs 113.25. Royal Ceramic share price appreciated by 7.3 per cent or Rs 4.30. Its share price appreciated to Rs 62.30 from Rs 58, Swisstek share price appreciated by 18 percent or Rs 6.30. Its shares started trading at Rs 35 at the end of the day they moved up to Rs 41.30.

Further, other manufacturing sector counters, such as, ACL and Expolanka also witnessed gains in their share prices at the stock market. ACL share prices appreciated by 8 percent or Rs 6.90. Its share price shot up to Rs 92.50 from Rs 85.60 and Expolanka contributed 52 points to the All- Share Price Index. Its share price appreciated by Rs 12 or five percent. Its share price rose to Rs 247.25 from Rs 235.25 at the end of the day’s trading.

The All Share Price Index gained 1 per cent or 171.95 points and the S&P SL20 gained by over 61.50 points. Trading of over 335 million shares boosted turnover to Rs. 9.1 billion with two crossings. Those crossings were reported in Lanka Reality Investments, which crossed 1.5 million shares to the tune of Rs 37.5 million and its shares traded at Rs 25 and Sampath Bank 600,000 shares crossed to the tune of Rs 33 million, its shares traded at Rs 65.

During the day top seven retail market contributors were; Browns Investments Rs 1.7 billion (132 million shares traded), Expolanka Holdings Rs 1.14 billion (4.6 million shares traded), Lanka Reality Investments Rs 650 million (24.8 million shares traded), Swisstek Rs 445 million (11.3 million shares traded), Royal Ceramic Rs 432 million (seven million shares traded), LOLC Finance Rs 383 million (14.2 million shares traded) and LOLC Holdings Rs 341 million (371,000 shares traded), During the day 58000 transactions occurred.

Net foreign selling on the previous day hit a new high of Rs. 934 million, pushing the year-to-date net outflow to over Rs. 49.5 billion. Last week, net outflow topped Rs. 1 billion as well. Further two IPOs were made in Myland and First Capital. Under the Myland IPO they will offer 6.2 million shares at a share price of Rs 12 to raise Rs 75 million. It will be listed in the Divisavi Board and its purpose is to acquire properties for real estate projects in the country. It will start offering from December 8, 2021.

Yesterday the US dollar was quoted at Rs 202.53, which was the controlled price of the Central Bank to control the price increase in essential imported items. Sri Lanka has recorded the highest food price inflation in the recent past. If the Central Bank doesn’t control the dollar rate, prices of essential items will further go up, market sources said.



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CSE Director Board appoints new chairman

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The Chairman of the Colombo Stock Exchange (CSE) Dumith Fernando who has served in this role since July 01, 2020, has informed the Board of his intention to retire by rotation on June 23, 2022 at the conclusion of his current term as a Director. Subsequently, at its regular monthly board meeting held on May 19th, 2022, the Board of the CSE has elected Director Dilshan Wirasekara to succeed Fernando as Chairman with effect from June 24th, 2022. Wirasekara is currently Director and Chief Executive Officer of First Capital Holdings PLC.According to the Articles of Association of the CSE, it’s Chair is chosen from among the five Directors elected by the members of the CSE. The appointment of Wirasekara is in line with the CSE’s normal board succession practice.

The outgoing Chairman Fernando said that “We are very pleased with the advancement of the CSE in the last 2 years. The market has set records across capital raising, trading volumes and participation alongside significant wealth creation for investors. The CSE is also financially stronger than it has ever been, and I am pleased to hand over my role following the institution’s highest-ever profitability and capital reserves position. Credit for this is due to my fellow board members, management and staff as well as all those stakeholders who collaborated with us including our regulator the Securities & Exchange Commission of Sri Lanka and the stock broking and investor communities.”

Commenting on the appointment of his successor, he further stated “I have had the pleasure of serving as a Director with Dilshan for five years where he has been a critical and energetic member of the board. The board and I have full confidence that he will continue to work with all stakeholders to build on our recent efforts to transform into a modern-day multi-product exchange. I look forward to supporting Dilshan over the next few weeks to ensure a smooth transition.”Wirasekara thanked both the outgoing chairman for his leadership of the CSE over the last 2 years and the CSE Board for the confidence placed in him. He further stated, “I hope to continue the good progress at the CSE and look forward to working with the Board and the CSE team together with the regulator and the industry to advance our ambitious capital market development plans.”

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SLIM Research Bureau embarks on a mission to promote fair trade in Sri Lanka

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As corporates and consumers globally are shifting towards best practices such as sustainability, inclusivity, and most importantly, equality to all, “fairness” has become a significant part of how business and buyer decisions are made.With this in mind, SLIM Research Bureau, the research arm associated with the Sri Lanka Institute of Marketing (SLIM), recently signed an agreement with Fairtrade NAPP at SLIM Home, in aspiration of promoting fair trade and consumption of fairly traded products in the local market of Sri Lanka.Through this collaboration, SLIM Research Bureau and Fairtrade intends to launch a project – named “SRI-PROM” funded by AICS, the Italian Agency for Development Co-operation, and supported by Fairtrade Italy – that aims to contribute to the social and economic strengthening of rural areas in Sri Lanka, through the development of much more profitable eco-sustainable supply chains for small farmers.

Commenting on the partnership, SLIM President Mr. Nuwan Gamage stated: “SLIM is thrilled to enter into this milestone partnership with Fairtrade NAPP to instil globally accepted best practices within the corporate circle that help achieve fair, equitable trade relationships. The project will be the first step in inviting businesses across industries to become a trailblazer that sets an example both in Sri Lanka and around the world. We look forward to expand these efforts further in the days to come.”The modern concept of fair trade refers to the ethical and sustainable sourcing of products, where workers and farmers at the foundational level of supply and value chains are treated fairly. This, in turn, offers consumers a powerful opportunity to reduce poverty through their purchases.

Fairtrade International Programme Consultant for Sri Lanka, Standards Committee Chair, and Oversight Committee Asia-Pacific Representative Mrs. Iresha Sanjeewanie noted: “Fairtrade takes a 360-degree approach to address a number of different issues and developmental challenges faced by small-scale producers and workers. Though Fairtrade Standards are a glum eye-opener into the implications of unfair trade, in a broader sense, it advocates reform-oriented research and pushes to raise the bar in trade.”

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Bank of Ceylon sponsors Annual Sand Paving Ceremony at Jaya Sri Maha Bodhi Temple Anuradhapura

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Invoking the blessings of the sacred “Jaya Sri Maha Bodhi” situated in the historic city of Anuradhapura, on the country and on all its citizens, for peace, harmony and prosperity, the Bank of Ceylon conducted its annual ceremony of strewing fresh sand which is known as “weli Athirime Pinkama” in “Uda Maluwa” recently.

The ceremony took place with the participation of the Bank’s General Manager K.E.D. Sumanasiri, DGM Corporate and Offshore Banking Priyal Silva, DGM Human Resource Dhamma Wijeyawardhene, DGM Branch operations and Development Banking Nilantha Meneripitiyage, AGM North Central Province Mahinda Bandara, AGM Marketing Aruna Hettiarachchi, AGM North Western Mrs.Ruchindra Perera and other staff members. The event was organized by the Bank’s Assistant General Manager North Central Province (NCP) G.K.G. Mahinda Bandara and staff members of the NCP province with the guidance of the Atamasthanadipathi of Anuradhapura, the Most Venerable Dr. Pallegama Siriniwasa Thero.

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