Business
CSE indices decline, despite some companies’ positive quarterly results
By Hiran H.Senewiratne
CSE activities were slightly negative following the Central Bank announcement last Friday that the country’s foreign reserves have dropped to US 4.3 billion by January 31, despite the positive quarterly results of most companies in the recent past, stock market analysts said.
Amid those developments, both indices moved downwards yesterday. All Share Price Index down by 77.73 points down and S and P SL-20 went down by 13.16 points. However, five companies that are headed by business magnate Dammika Perera announced subdivision of their shares. Those companies are: Royal Ceramic, one share would be subdivided into ten shares and Lanka Wall Tiles, Lanka Tiles and Swisstec will subdivide one share into five shares.
Turnover stood at Rs. 6.01 billion with three crossings. Those crossings were reported in JKH, 1.13 million shares crossed to the tune of Rs. 204.8 million, its shares traded at Rs. 160, Dialog 4.9 million shares crossed for Rs. 60.6 million, its shares traded at Rs. 12.40 and Sampath Bank 358,000 shares crossed for Rs. 60.2 million, its shares traded at Rs. 168.
In the retail market, top five contributors to the turnover were; Royal Ceramic Rs. 1.03 billion (2.8 million shares traded), Vallibel One Rs. 908 million (12.4 million shares traded), JKH Rs. 560 million (3.5 million shares traded), LOLC Rs. 55.3 million (1.2 million shares traded) and Expolanka Rs. 403 million (8million shares traded).During the day, 134.5 million share volumes changed in 34335 transactions.
Sri Lanka rupee was quoted weaker around 194.00/196.00 levels to the US dollar in the spot market on Monday, while bond yields remained unchanged, dealers said. The rupee last closed in one-week forward market at 194.50/195.50 levels on Friday. In the secondary market bond yields remained unchanged on dull market trade, dealers said.
Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.
Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.
Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.
Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.
Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.
(BBC)
Its MD says. ‘go abroad only if you can work hard’
Siraj Manpower Services, one of Sri Lanka’s leading foreign employment agencies, was honoured with the Three-Star Award at the ‘Golden Awards’ 2023, organised by the Sri Lanka Bureau of Foreign Employment (SLBFE). This award ceremony was organised to honour foreign employment agencies that have made a significant contribution to the development of the foreign employment sector, which is a major source of foreign exchange for Sri Lanka. Siraj Cafoor, Managing Director of Siraj Manpower Services, was presented with the award at the award ceremony which was held at the BMICH in Colombo under the patronage of Minister of Foreign Employment and Labour Manusha Nanayakkara.
Having been established in 2002, Siraj Manpower Services (www.sirajmanpower.lk) has earned a reputation in the field of foreign employment by winning the trust of customers for more than 20 years. It has been offering job opportunities in the Middle East countries such as Kuwait, Qatar, Dubai and Saudi Arabia, and Malaysia as housekeepers, drivers, sanitation workers, labourers and also jobs related to the apparel industry. All these workers are entitled to approved salary scales certified by the SLBFE.
“We always stand for the safety of workers who go abroad through our organisation. We work to solve the problems that arise in relation to the contracts that the workers have entered into. I must mention something special to those who go abroad for employment. That is, you should keep in mind that you go abroad only to work. Go abroad only if you can work hard. You have to remember that you are going abroad to earn some more money and achieve the advancement of your family.” said Siraj Cafoor.
The Minister of Ports, Navigation and Aviation Nimal Siripala de Silva was on an observation tour on 3rd of June to witness the operations and development of Singapore’s main port. During the tour, he had a special discussion with the head of PSA International Private Company which carries out the operations and development of the Singapore port.
Won Chee Fung, CEO of the company’s Middle East and South Asia arm said if there are investment opportunities for development and operations in the ports of Sri Lanka, they would like to apply for them.
The Minister told him that since the government has planned to start the development of the North Colombo Port, a suitable investment plan and proposal could be made for it. He also requested the heads of PSA International Private Company to provide a suitable proposal for the development of Trincomalee Port.
PSA International is one of the few largest companies operating in ports in the world, and 37,000 million containers are handled per year in Singapore’s main port alone.Officials including Assistant Vice President of PSA Company Lim Wei Chang, Chairman of JCT Oil Bank Company, Lakmal Ratnayake and representatives of the Sri Lankan Embassy in Singapore also participated in this discussion.
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