CSE recovers from steep fall, wipes off previous day’s losses
By Hiran H.Senewiratne
CSE activities recovered yesterday following the steep fall of the market on the previous day due to fears in certain sections on a Covid 19 third wave outbreak in the country, stock market analysts said.
Amid those developments, CSE in the morning was a bit sluggish and afterwards it began to recover significantly to wipe off half of the previous day’s losses. The stock market has lost Rs. 127 billion in value during the past three sessions with gains enjoyed for two weeks erased, sparking fresh investor concerns. Further, apart from continuous selling pressure there was little buying interest also in the market, stock market analysts said.
Both indices moved upwards. All Share Price Index was up by 78.33 points and S and P SL20 up by 26.96 points. Turnover stood at Rs. 2.96 billion with two crossings. A crossing was reported in HNB, which crossed 301,000 shares to the tune of Rs. 39.7 million, its share price being Rs. 132 and Nestle 25000 shares crossed for Rs. 25 million, its shares traded at Rs. 1000.
In the retail market top five companies that contributed to the turnover were, Browns Investments Rs. 455 million (72.9 million shares traded), HNB Rs. 367 million (2.8 million shares traded), Hayleys Rs. 277.5 million (3.6 million shares traded), Dipped Products Rs. 225 million (3.97 million shares traded) and LOLC Rs. 218 million (672,000 shares traded). During the day 138.8 million share volumes changed hands in 18149 transactions.
Net foreign outflow was Rs. 88.6 million as against Rs. 188 million on Monday. The year-to-date outflow was Rs. 20.7 billion.
Stock market analysts said that even though the market’s recent downward trend is disappointing, it believes that the bourse will gradually reverse course with the release of the FY2021 corporate results providing tailwind support.”Consequently, we advise investors to take advantage of the current weakness and focus on accumulating fundamentally robust high growth sectors with a long term investment horizon,”stock market analysts said.
Share investors worried over Wealth and Heritage tax
By Hiran H Senewiratne
CSE trading kicked off on a positive note yesterday but the momentum could not be sustained for long owing to investor worries that the government is planning domestic debt restructuring involving the imposition of a wealth and heritage tax on citizens, market sources said.
Amid those developments both indices moved downwards. The All -Share Price Index went down by 131 points and S and P SL-20 declined by 46.8 points. Turnover stood at Rs 3.4 billion with four crossings. Those crossings were reported in Agalawattte Plantations, which crossed 45.3 million shares to the tune of Rs 1.5 billion, its shares traded at Rs 35, CTC 420,000 shares crossed for Rs 269 million and its shares traded at Rs 640, Cargills 100,000 shares crossed to the tune of Rs 24.5 million; its shares traded at Rs 245 and Hayleys 300,000 shares crossed for Rs 24 million; its shares traded at Rs 80.
In the retail market top seven companies that mainly contributed to the turnover were, SLT Rs 234 million (two million shares traded), Hayleys RS 121 million (1.5 million shares traded), Lanka IOC Rs 106 million (115,000 shares traded), Softlogic Capital Rs 69 million (5.6 million shares traded), CTC Rs 65.3 million (101,000 shares traded), Sampath Bank RS 54.7 million (one million shares traded) and Commercial Bank RS 52.5 million (801,000 shares traded).During the day 164 million share volumes changed hands in 20000 transactions.
Brandix ‘RightToRead’ initiative gains momentum enriching Sri Lanka students and transforming learning
Inspired by the challenge to provide Sri Lankan children with better access to learning materials and the transformative power to read and comprehend English, Brandix launched the ‘RightToRead’ project in 2018 in collaboration with the Ministry of Education.
Accordingly, Brandix introduced the ‘ReadToMe’ English learning tool, created by English Helper – India, to improve reading and comprehension skills of Sri Lankan students. Last Monday, Julie Chung, the US Ambassador to Sri Lanka, visited Susamayawardhana Vidyalaya in Borella, to observe progress of the project and experience how children and educators in Sri Lanka engage with educational technology.
Brandix Lanka Limited, Director, Ajit Johnpillai, said: “Education is the most powerful tool to enrich communities and futures, and Brandix is committed to build a strong foundation for transformational learning for students across Sri Lanka. The progress we have made with RiteToRead over the past two years is promising, and the potential for change in the education sector harnessing such digital technologies is immeasurable. Brandix will continue its commitment to deliver Inspired Solutions for the people of Sri Lanka.”
Dialog TV Boosts Resilience and Capacity with Norsat Satellite Earth Station
Hytera, a leading global provider of professional communications technologies and solutions, is proud to announce the successful deployment of a new backup satellite station for Dialog TV, Sri Lanka’s No.1 satellite Pay TV service provider. The project was fulfilled in 2022 by Hytera and its subsidiary specialized in Satellite Communications (SatCom), Norsat International Inc. The new station enhances the resilience and capacity of Dialog TV’s existing system and ensures continuity of service in the event of damage due to natural disasters.
Dialog TV provides coverage over the entirety of Sri Lanka through the Intelsat 38 Ku-band satellite. As the business expanded, it opted for a backup solution to support its existing satellite station and to strengthen the network’s disaster tolerance.
Hytera and Norsat provided an end-to-end satellite earth station solution that includes the installation, integration, and setup of satellite antennas, a transmission and receiving system, a new network management system (NMS), and a carrier monitoring system (CMS). The NMS makes routine work easier and simpler for on-duty staff, as equipment status, parameter monitoring and configuration, and remote control of the devices can be viewed and accomplished via a single interface. The CMS monitors the carrier spectrum status of satellite signals in real-time and ensures stable signal transmission and receiving.
“We are excited to have been able to work with Dialog TV on this important project,” said Kevin Sun, Sales Director for Hytera South Asia, “Our ability to seamlessly integrate our new equipment and software with Dialog TV’s existing systems has helped to ensure a stable and reliable service for their millions of customers across Sri Lanka.”
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