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Colombo share market gallops to all time highs

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The Colombo Stock Exchange (CSE) galloped last week with the benchmark All Share Price Index (ASPI) hitting an all time high on Monday and improving on that performance on subsequent trading days to close the week at 8,463 points on Friday. The more liquid S&P Index that normally trails the ASPI also gained sharply though less so than the benchmark index.

Brokers and analysts attributed the surge to prevailing low interest rates and said that people holding funds in fixed interest instruments have seen greater potential in the stock market and have so far not been proved wrong.

“Take the case of vehicle importers,” said one businessman. “With imports disallowed, cash that would have been once used to replenish inventory becomes available for investment elsewhere. The stock market is a magnet for such funds.”

Also, many companies have resorted to a share split strategy to make their shares both more liquid and more affordable on the market.

“Take the example of a fifty-rupee share split into two. Theoretically, it should then trade at Rs. 25 a share after the split. But often it does better than that at no cost to the company that had split the share because its stated capital remains what it was,” explained and analyst.

“It’s different in the case of bonus shares or scrip issues as they are called where reserves are capitalized to pay for the new shares priced at realistic values.”

Last week the Hayleys conglomerate announced share splits in over a dozen group companies. These ranged from each share being split into ten in the parent company (Hayleys) and thriving subsidiaries like Haycarb and Dipped Products while other companies like Kingsbury split a share into two.

Brokers and analysts said that the current market surge was largely driven by the Dhammika Perera controlled Hayleys and the Ishara Nanayakkara controlled LOLC groups.

Last week Hayleys announced over a dozen share splits including in its recently acquired Singer Group companies. The majority of these involved dividing each share into two though at Singer Sri Lanka each share will be split into three.

The biggest share split ever proposed is one that is pending at EB Creasy (EBC) where each share is to be split into 100. The seldom traded EBC share is quoted at the top end of the CSE sharelist. Analysts said the massive split is intended to pump liquidity into the share and make it more affordable.

“There’s a lot of retail play in the market right now with new investors who recently took some risk doing very nicely in this bull run,” a broker said.

The CSE hit rock bottom after a seven-week closure in March last year.

 

 



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Addressing the drug issue in the country must be treated as a national priority – PM

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Prime Minister Dr. Harini Amarasuriya emphasized that addressing the drug issue in the country must be treated as a national priority, highlighting that it must deliver results at the ground level.

A meeting to brief the Prime Minister on the National Strategic Plan for the Management, Treatment and Rehabilitation of Persons with Substance Use Disorders (SUD) 2026–2030 was held with the participation of officials from the Ministry of Health and Mass Media and other key stakeholders on 13th of March at the Temple Trees.

The discussion focused on the proposed national strategy developed to address the growing health, social and economic challenges associated with substance use disorders in Sri Lanka. The strategic plan aims to strengthen prevention, treatment, rehabilitation and reintegration services through a coordinated and evidence-based national approach.

During the meeting, attention was drawn to existing gaps in early identification of substance use disorders, continuity of care, community-based follow-up and reintegration of recovering individuals into society. The plan proposes several key interventions, including strengthening screening and symptomatic treatment at primary healthcare and outpatient levels, improving hospital-based treatment and follow-up services, expanding residential rehabilitation facilities, and enhancing community-based rehabilitation and relapse prevention programmes.

Special emphasis has also been placed on providing targeted support for vulnerable groups, including children and adolescents, pregnant women, mothers with children and prison inmates.

Speaking on the importance of strengthening the national response to drug issues, the Prime Minister Dr. Harini Amarasuriya noted that the drug menace has evolved into a serious social crisis that threatens social stability and security of families and the nation as a whole highlighting that law enforcement and rehabilitation in this regard must be given equal priority.

The Prime Minister further underscored the importance of including public awareness initiatives and responsible media reporting as key components of the national strategy.

The meeting was attended by the Secretary to the Prime Minister Pradeep Saputhanthri, Secretary to the Ministry of Health Dr. Anil Jasinghe, officials from the Department of Prisons, Bureau of Rehabilitation, Sri Lanka Police Ministry of health, Ministry of Public Security and Parliamentary Affairs, Ministry of Justice and National Integration ,Ministry of Defense, Ministry of Education, Ministry of Women and Child Affairs and other relevant department and ministries.

[Prime minister’s Media Division]

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Lanka discovers largest groundwater source

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The National Water Supply and Drainage Board (NWSDB) on Friday said the largest groundwater source discovered in Sri Lanka so far had been identified during tube-well drilling near the Pitabeddara Police Station.

Indrajith Gamage, geologist in charge of the Southern Province, said the source recorded a continuous flow of about 10,000 litres (10 cubic metres) per minute, marking the first instance in the country where a groundwater source of that magnitude had been found.

He noted that the previous largest groundwater source was discovered in the Madhu area, which recorded a flow of about 7,000 litres per minute.

According to the NWSDB, the tube well was drilled following geological studies of rock layers and the identification of underground water through fractures in rock strata using specialised technical instruments.

The Board said steps would be taken to distribute water from the newly discovered source to residents facing shortages in Pitabeddara, Morawaka and surrounding areas.

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Lanka’s commercial legacy preserved in National Archives

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CCC Chairperson Krishan Balendra hands over the earliest dated record to National Archives Department Director General Dr. Nadeera Rupesinghe

The Ceylon Chamber of Commerce has formally handed over its historical records to the National Archives Department, entrusting over a century of the nation’s commercial history to the country’s official custodians of heritage.

The archive, spanning from the CCC’s founding in 1839 to 1973, includes correspondence, meeting minutes, reports, ledgers, and publications that chronicle the development of trade, enterprise, and industry in Sri Lanka. Together, the records provide a rare and detailed account of the island’s economic evolution and the role of its business community in shaping national progress.

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