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Bull run on CSE ends, but market remains heated

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The unprecedented bull run on the Colombo Stock Exchange ended at the close of trading on Friday with the All Share Price Index (ASPI) that hade been galloping for several previous days closing 143.94 points (1.53%) down at 8,668.07 while S&P SL 20 reflecting more liquid (and possibly stronger shares) gaining 8.85 points (0.25%) to close at 3,514,8.

Brokers and analysts said that that the correction process appears to have begun although both indices remain sharply up from levels posted until what one broker called “the crazy upward momentum” began several days ago.

Among the shares that declined Friday were hot counters like those belonging to LOLC Holdings, the Ishara Nanayakkara-controlled conglomerate and several Hayleys Group companies controlled by Mr. Dhammika Perera including the parent and the bigger subsidiaries like Haycarb and Dipped Products.

LOLC was down Rs. 8.50 to Rs. 512.75 on approx. four million shares done at between Rs. 498.25 and Rs. 574 in 3,245 trades when the market closed for the week on Friday. Likewise, the three Hayleys biggies, Hayleys, Haycarb and Dipped Products where 10 for one share splits (each existing share will be subdivided into 10) are pending also lost steam.

Hayleys was down Rs. 30.25 to Rs. 772 on approx. 0.3 million shares done in 592 trades between Rs. 755.50 and Rs. 815.Dipped Products declined Rs. 39.25 to Rs. 703 on approx. 0.5 million shares done between Rs. 680 – 760 on 1,676 trades while Haycarb lost Rs. 85.25 to close at Rs. 1,196 on 0.13 million shares done between 1,165 -1,280 in 662 trades.

The CSE has been posting turnovers running into billions hitting an all time high in the peak of the bull run. A feature of the red hot market was day trading by small investors (as well as some biggies) who took advantage of the upward momentum buying and selling on the same day with no cash outlay and paying only once and not twice on brokerage on two transactions.

“All they had to do was collect their profits at the end of the day,” one broker said. “It was very hard for us because we were getting so many telephone calls and could not offer serious advice because we had no sense of market direction.”

They were not willing to hazard a guess on what will happen when trading resumes on Monday given the way things went on the last several days, but most expected the correction of the ASPI which began on Friday to continue.

“Look at this one example,” one market player said. “Central Finance (CF) closed at Rs. 116.50 on Friday, up Rs. 3.50 on 1.26 million shares done between Rs. 115-135 in 583 trades. DFCC Bank lost 40 cents to close at Rs. 74.10 on 0.77 million shares done between Rs. 73.10 and Rs. 78 in 296 trades. DFCC’s net assets value is way ahead of CF. It makes no sense.”



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Action beyond dialogue is essential in addressing Green Financing and climate change. – Prime Minister

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There have been numerous discussions and dialogues successfully conducted across various sectors, but it is now crucial to move beyond conversation and focus on strengthening the implementation. Such collaborative effort like GGGI initiates in leading Sri Lanka towards a resilient and sustainable finance.

The Prime Minister made these remarks while attending the Sri Lanka climate finance awareness session on advancing sustainable finance and carbon markets for climate action held today (30) at hotel Marriott Bonvoy in Colombo City Center.

The awareness session was organized by the Prime Minister’s Office with the collaboration of the ministry of Environment and Global Green Growth Institute (GGGI) to create awareness of Green finance strategies leading to new initiatives for sustainable Sri Lanka.

Delivering the keynote address, Prime Minister Dr. Harini Amarasuriya stated that this session is intended to support the line ministries in better understanding how these financing mechanisms work and how they could be leveraged to implement the sustainable development priorities.

Addressing the event, the Prime Minister further stated:

“Sri Lanka has developed and updated numerous environmental frameworks to address the growing challenge of climate change, that has become the current development challenge that continues to affect lives, livelihoods, and our overall trajectory as a nation.

In Sri Lanka, key sectors such as agriculture, fisheries, energy, tourism, and water are increasingly exposed to climate-related disruptions, threatening both livelihoods and macroeconomic stability. To prevent this trajectory, we must leverage a full spectrum of international climate finance instruments.

Sri Lanka has a solid policy foundation, political will, and the institutional capacity to lead on climate action. What we now need is the financial architecture to match this ambition. Hence, today’s session represents a step toward building shared awareness and technical capacity across the public sector”.

The Prime Minister emphasized that while numerous discussions and dialogues have been successfully conducted across various sectors, it is now crucial to move beyond conversation and focus on concrete implementation highlighting that meaningful results can only be achieved when ideas and plans are translated into action, and urged all stakeholders and officers to prioritize execution to bring about the positive changes the country needs.

The event was attended by secretary to the Prime Minister, G. P. Saputhanthri, representatives from the central bank, representatives of Ministries and GGGI institute.

[Prime Minister’s Media Division]

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Pirivena and Bhikkhu education must be developed – PM

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Prime Minister Dr. Harini Amarasuriya stated that there is a contemporary need to develop the Pirivena and Bhikkhu education and that the government is seeking the revered guidance of Maha Sangha in that cause.

The Prime Minister made these remarks while addressing the 125th anniversary celebrations of the Amarapura Ariyavansa Saddhamma Yukthika Nikaya  on Tuesday (29) at the Sri Subodhi Rajarama Mulasthana Maha Vihara in Bombuwala, Kalutara.

During the event, the Prime Minister honored sixty-three venerable members of the Maha Sangha who had rendered their noble service to the Sasana and also conferred awards upon several distinguished lay benefactors in recognition of their contributions.

Delivering the keynote speech, the Prime Minister stated:

“There has always been a strong bond between Buddhism and society throughout history. Culture and social relations have been built alongside the Buddhist philosophy. The society we seek to establish as a nation must embody the Buddhist values of fairness, equality, and compassion. These virtues, as taught in the Buddhist philosophy, are ever relevant and alive.

Piriven and Bhikkhu education are currently facing numerous challenges, and considerable efforts are needed to address them. Thereby a substantial and concerted intervention is required.

A pertinent question arises as whether our Pirivena institutions are adequately preparing for the evolving needs of the world? There was once a belief in Europe that, with scientific advancement, religion would become redundant. Today, this view has been discredited. Along with material progress, spiritual development remains indispensable.

The knowledge, attitudes, and skills of our Bhikkhus must be enhanced to meet the emerging global challenges. A profound discussion on necessary reforms in Piriven and Bhikkhu education is therefore imperative.

Opportunities for Bhikkhus to study subjects such as mathematics, science, and modern languages are currently limited. Without exposure to contemporary disciplines, it is questionable whether one can successfully confront present-day challenges”.

The event, held under the patronage of the Venerable Egodamulle Amaramoli Mahanayake Thera, the Chief incumbent of the Amarapura Ariyavansa Saddhamma Yukthika Nikaya, was attended by members of the Maha Sangha, Minister of Mass Media and Health Mr. Nalinda Jayatissa, several Members of Parliament, and numerous lay devotees.

 

[Prime Minister’s Media Division]

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1,000-acre forest plantation project to be launched under “Clean Sri Lanka” programme

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Under the “Clean Sri Lanka” programme, plans are underway to launch a 1,000-acre forest plantation project in collaboration with the private sector. This large-scale initiative is designed to operate under the Public-Private-People Partnership (4P) concept and a preliminary discussion on the project was held today (30) at the Presidential Secretariat.

The discussion focused on resolving technical aspects associated with the project and addressing the fundamental issues necessary for the land release.

The programme aims to implement several effective environmental projects in the coming year with the active participation of the private sector. These efforts are intended to safeguard the country’s biodiversity, forest cover and natural ecosystems, while also reinforcing the shared responsibility of the public, government and private sector in environmental conservation.

The discussion was chaired by Senior Additional Secretary to the President  Russell Aponsu and Additional Secretary of the Clean Sri Lanka Programme  S.P.C. Sugeeshwara, with the participation of senior officials from the Ministries of Agriculture, Livestock, Lands and Irrigation and Environment

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