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CSE sustains recovery momentum, ending November on positive note

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By Hiran H. Senewiratne

The CSE yesterday sustained its new-found momentum, rising by over 3 per cent, thereby enabling it to finish November on a positive note after the dip in October. This time the market bounced back strongly, reflecting positive sentiments for the fifth consecutive day, stock market analysts said.

Positive investor sentiments were established on the basis of positive comments from the Governor of the Central Bank over market rates, eventually seeing an ease despite fears over successful domestic debt restructuring. Analysts further stated that Treasury related stocks have also been activated due to downward movements in yield.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 52.56 points and S and P SL20 rose by 13.34 points. Turnover stood at Rs 3.1 billion with three crossings. Those crossings were reported in Expolanka Hodings, which crossed 4.1 million shares to the tune of Rs 817 milllion, its shares traded at Rs198, Asiya Syaka Commodities 10 million shares crossed for Rs 43 million, its shares traded at Rs 4.30 and Sierra Cables 3 million shares crossed to the tune of Rs 33 million and its shares traded at Rs 11.

In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 470 million (2.3 million shares traded), Expolanka Holdings Rs 299 million (1.5 million shares traded), Browns Investments Rs 229 million (31.2 million shares traded), LOLC Finance Rs 175 million (21.4 million shares traded), Sunshine Holdings Rs 72.1 million (1.9 million shares traded), First Capital Holdings Rs 63.6 million (2.4 million shares traded) and LOLC Holdings Rs 58.8 million (138,000 shares traded). During the day 176 million share volumes changed hands in 23000 transactions.

It is said high net worth and institutional investor participation was noted in Overseas Realty, Lanka IOC and Kelani Tyres. Mixed interest was observed in Expolanka Holdings, First Capital Holdings and Capital Alliance, while retail interest was noted in Browns Investments, SMB Leasing (voting and nonvoting) and LOLC Finance.

The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments) while the sector index gained 3.27 per cent. The share price of Browns Investments increased by Rs. 1 (15.38 per cent) to close at Rs. 7.50.

The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Finance) while the sector index increased by 6.66 per cent. The share price of LOLC Finance appreciated by Rs. 1.30 (20 per cent) to close at Rs. 7.80.

Even in the international arena the market conditions were quite positive. Chair of the Federal Reserve of the United States Jerome Powell said that the speed of the interest rate hike would reduce and the European Union seems to be moving out of recession worries. This has also created some positive sentiment for local markets as well, analysts said.Yesterday the Central Bank- announced US dollar buying rate was Rs 361.25 and the selling rate Rs 371.72.



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Farmchemie becomes the first Sri Lankan owned company to receive FAMI-QS certification

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Farmchemie has obtained FAMI-QS certification being the first Sri Lankan owned company certified with FAMI-QS. FAMI-QS stands for Feed Additive and pre-MIxture Quality System, which compromises the safety of animal feed and the quality of processed goods in accordance with European regulation no. 183/2005 on animal feed. Farmchemie is a BOI approved leading manufacturer and exporter of animal feed additives and nutritional supplements in Asia. Farmchemie is equipped with a state-of-the-art manufacturing facility from Bühler, Switzerland to offer quality assured manufacturing services for world-renowned European brands as well as own brands under Farmstar. Farmchemie has already established their presence in numerous international markets such as India, Bangladesh, Nepal, Kuwait, Lebanon, UAE, Egypt, Thailand, Vietnam, Malaysia, Mongolia, Cambodia and Uganda. FAMI-QS will enable them to expand their markets including the European and USA.

“We are honoured to announce that Farmchemie becomes the first Sri Lankan-owned company to be certified with FAMI-QS in combination with ISO 9001: 2015 and Good Manufacturing Practices certification for animal feeding. By attaining FAMI-QS, we are able to anticipate the expectations of our clients for safe, high-quality goods by lowering the related risk and enhancing the quality of onsite feeds via a supply chain that is properly guaranteed. For that Farmchemie implements measures for Feed Fraud and Feed Defense according to FAMI-QS supply chain integrity module V2. We would like to express our heartfelt appreciation to our customers and suppliers for their continued support and dedication. We look forward to elevating the firm to new heights in the coming months and years, as our aims will always be centered on quality assurance and innovative manufacturing.” Managing Director Uditha Wanigasinghe stated.

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Exports Gold Award for Textrip

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Textrip Pvt Ltd, the export arm of the Elasto Group, was recently recognized, as the gold award winner for rubber and rubber-based products, medium scale category at the NCE Export Awards ceremony held recently in Colombo. The Chairman and Managing Director of Elasto Group, Mangala Gunasekera accepted the award at the gala event held at Shangri La Hotel. The national export awards ceremony, organized by the National Chamber of Exporters (NCE), recognizes and rewards Sri Lankan exporters on their performance in the international market.

“We always strive to manufacture high-quality rubber-based goods, using the latest technology, adhering to the highest international standards, and showcasing Sri Lanka on the global stage. I would like to thank our clients, locally and internationally for their continuous trust and my staff for their hard work and dedication. They are the pillars of our success,” Managing Director of Elasto Group, Mangala Gunasekera stated. Textrip products have obtained a number of national and international quality standards such as ISO 9001:2015, ISO 14001:2015, CET, REACH and their products are designed to adhere to the ‘Wellness Wisdom’ theme. The company works with over 100 top sports and wellness brands and exports to more than 30 countries including European countries and the United States. TEXSTRETCH Progressive Exercise Resistance Bands is one of the most popular products of the company. The product is a great full-body workout solution for users of any level.

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Sri Lanka Tourism returns to Spanish market after pandemic

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Spain is one of the fastest recovery markets for Sri Lanka Tourism after the pandemic and participation in FITUR argues well for the much-needed exposure for Sri Lanka as an attractive tourism destination for Spanish-speaking countries, contributing in a substantive manner to its overall growth strategy. Sri Lanka Tourism made the presence with the 28 private sector companies at 43rd edition of FITUR International Travel Mart which was held from 18- 22 January 2023, Madrid, Spain. FITUR is the largest tourism event in the Spanish Market where all the sectors leisure, business and MICE tourism meet under one roof.

Sri Lanka Tourism stall was ceremonially opened by Mr.Chalaka Gajabahu ,Chairman of Sri Lanka Tourism Promotion Bureau and Honorary Consul of Sri Lanka in Barcelona, Mr. Agustin Llana and representatives of the leading private sector members of Sri Lanka.

Sri Lanka was able to attract high level of attention from the trade and travel visitors attended at the event. The Sri Lanka pavilion highlighted many aspects of its potential culture, beauty, Ayurveda and many more which Sri Lanka would offer as a tourism destination. Sri Lanka stand optimized the “So Sri Lanka” and “Visit Sri Lanka” vivid sights to attract the potential visitor segments. At the Sri Lanka pavilion, Ceylon tea was served for the visitors with a view of promoting Ceylon tea in the Spanish market.

On the sideline of the FITUR travel fair, Sri Lanka Tourism Promotion Burau officials participated at the events organized by the UNWTO. During the events, SLTPB officials met with the Mr.Harry Hwang , Director of Regional Department for Asia and the Pacific, UNWTO.As a result of discussions, Mr.Harry Hwang has shown the interest to hold the UNWTO Joint commission in Sri Lanka in 2024.

Meantime, the SLTPB and Sri Lanka Embassy of France also took steps to arrange Business Meetings, exclusive media interviews, Air Line meetings at the FITUR 2023. The Media gathering conducted during the fair created the great opportunity to highlight the updates on the destination and create awareness on the destination.

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