By Hiran H.Senewiratne
The CSE enjoyed its highest ever retail turnover and the highest ever number of transactions despite both indices indicating a downward trend yesterday. The reason for the market decline was selling pressure in banking and large cap counters. However, demand for low valued stocks remained bullish, stock market analysts said.
The turnover stood at Rs. 5. 04 billion with two crossings. Those crossings were reported from Pan Asia Power, which crossed 40 million shares to the tune of Rs. 180 million; its share price trading at Rs. 4 and Sierra Cables 18 million shares crossed for Rs. 75 million, its shares trading at Rs. 5. However, the All Share Price Index went down by 38.08 points and S and P SL20 declined by 25.75 points.
In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Rs. 864 million (49 million shares traded), RIL Properties Rs. 373 million (36.4 million shares traded), Piramal Glass Rs. 341 million (52 million shares traded), Tokyo Cement (Non Voting) Rs. 339 million (6.2 million shares traded) and Tokyo Cement (Voting) Rs. 277 million (4.3 million shares traded). During the day 582 million share volumes changed hands in 40884 transactions.
It is said that close to Rs. 5 billion came from the retail trade minus the two crossings. Due to foreign selling pressure local investors have become more active in the market. RIL Property share price moved up to Rs. 10 from Rs. 4 and the company has informed the CSE that their share price has increased unusually due to speculative trading.
Materials sector was the top contributor to the market turnover (due to Tokyo Cement Company voting and non-voting) while the sector index gained 5.30%. The share price of Tokyo Cement Company non-voting gained Rs. 5.00 (10.99%) closing at Rs. 50.50, while foreign holdings decreased by 2,231,075 shares. Further, the share price of Tokyo Cement Company moved up by Rs. 5.00 (9.03%) to close at Rs. 60.40.Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index increased by 14.37 percent. The share price of Expolanka Holdings increased by Rs. 2.10 (14.38 percent) to close at Rs. 16.70.RIL Property and Hayleys Fabric were also included among the top turnover contributors. The share price of RIL Property recorded a gain of Rs. 2.10 (29.17 percent) to close at Rs. 9.30, while the share price of Hayleys Fabric declined by Rs. 1.10 (4.47 percent) to close at Rs. 23.50.
Sri Lanka rupee quoted slightly weak at 184.20/27 to the US dollar on Tuesday while bond eased, dealers said. The rupee closed at 184.15/25 against the greenback on Monday.
New look Chagall opens at Park Street
Chagall opened its doors at Parkland on Park Street Colombo 2 , with Gerald Solomons, personally welcoming all his clients and the media to the brand new Chagall.
Gerald who established Chagall as Sri Lanka’s most elite and fashionable salon, despite the prevailing situation with the pandemic and the existing restrictions, displayed his usual flair and panache, greeting everyone with the socially correct ‘ayubowan’ and ensuring that each and everyone present was made to feel special and welcome.Continuing the bold colour scheme of red, black and white, Gerald like his muse Marc Chagall, has a wide range of styles that can cater to an eclectic clientele.
The artist Chagall saw his work as “not the dream of one people but of all humanity”; similarly Gerald through his salon Chagall would like to transform each and every person who walks in through his door, so that they leave transformed, with a new confidence in themselves and their appearance.
Mrs World Caroline Jurie, clients and well wishers, keeping in mind health guidelines made their way to Chagall at Parkland on October 20 where Gerald and his team reaffirmed their commitment to their clients and the beauty industry, to continue upholding the highest standards and maintain all safety measures and health protocols.
Having established himself and Chagall as the hairdresser / stylist and salon of the elite, Gerald’s doors are open to anyone who wants to look good and different to those around them. ” Our doors are open to everyone who wants to look good, who wants to make a statement and who dares to bedifferent” said Gerald .Manicures, pedicures, long and short hair cuts and styles, make up, facials,bridal dressing, sari drapes and the whole gamut of services will beavailable, all in brand new surroundings.All staff have undergone intensive refresher courses with Gerald beinginvolved in their training himself.
Known for his cool demeanor and eclectic style, Gerald started hairdressing at the age of 15 having left school, determined to make an impression in the world of hair, beauty and style! He joined Moira Muthukrishna where hiscareer in hair dressing began and today he is a living legend. Chagall was set up in New Zealand where Gerald lived for over 20 years and then moved back to Sydney where Chagall continued. Gerald has also worked in Hawaii, Australia and London.Chagall.
CSE indices pick up as trading yields Rs. 1.09 billion
By Hiran H.Senewiratne
The stock market on Monday suffered a near 2 percent decline as investors reacted negatively to the sharp spike in COVID-19 cases in the second wave. Moreover, current investor favourite counters, Tokyo Cement and Expolanka shares, also slightly declined in trading due to the current situation, market analysts said Amid those developments, both indices moved upwards yesterday. The the All Share Price Index rose by 15.74 points and the S&P SL 20 Index was up by 8.73 points. The market managed to post Rs. 1.09 billion, safeguarding its track record of over a billion plus turnover for more than a month. But no crossings were reported during the day.
In the retail market, top five companies that mainly contributed to the turnover were: Tokyo Cement (Non Voting) Rs. 160 million (3.2 million shares traded), Expolanka Rs. 187.6 million (7.8 million shares traded), HNB Rs. 99.8 million (881,000 shares traded), Tokyo (Voting) Rs. 86.7 million (1.47 million shares traded) and Dialog Rs. 69.5 million (6.34 million shares traded). During the day 55.3 million share volumes changed hands in 12620 transactions yesterday.
The market also lost Rs. 44 billion in value with blue chips JKH, Carsons, Ceylon Tobacco, Bukit and Distilleries as major contributors to the ASPI’s dip on the previous day. Some analysts linked the lacklustre trading and sentiment to the quarantine curfew imposed in Fort and Pettah which caused a shutdown of offices and businesses in the area.
Initiative to support startups in Sri Lanka
Microsoft for Startups recently launched the Highway to a 100 Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where only 56 startups were selected to the Emerge X program from six states, which have over 15000+ startups. The Emerge X winners have greatly benefited with global market access support, a 3-day founder bootcamp with world class mentors, access to funding, ongoing mentorship, and guidance on Azure, artificial intelligence, machine learning and more.
Innovation is critical to unlocking inclusive economic growth in Asia Pacific; high income economies in the region invest three times more in research and development as compared to their peers. To spur innovative entrepreneurship, Microsoft will work closely with governments and industry partners to discover and nurture technology startups with a high potential to become truly global enterprises in the future.
“At Microsoft, we are working to build up a more supportive ecosystem for startups in Sri Lanka,” said Hasitha Abeywardena, Country Manager, Microsoft Sri Lanka and Maldives. “Startups play a vital role in our economy as innovators, disruptors and first-movers. Sri Lanka needs more entrepreneurial development to fuel economic growth. Through Highway to a 100 Unicorns, we will enable startups in Sri Lanka to drive digital innovation in the region. We look forward to walking with founders along their growth journey and supporting them to scale and achieve more.”
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