CSE turnover hits Rs. 6 billion; ASPI crosses 8000 mark
By Hiran H.Senewiratne
The CSE was boosted yesterday by a sudden interest in Expolanka stocks. This resulted in the daily turnover level touching more than Rs. 6.billion. This was the highest turnover reported after three and a half months. Earlier, the highest turnover was reported at Rs. 7 billion on April 30 this year, stock market analysts said. Besides, the ASPI crossed the 8000 mark, up by 55.60 points. The index closed at 8,022.55.
The major reason for the turnover level to increase along with the investor interest in Expolanka shares was because during the weekend it was speculated in the social media that the Expolanka share price is trading below the valued price. Therefore, Expolanka share prices appreciated by Rs. 8.50 or 16 percent. Its shares started trading at Rs. 54.50 and at the end of the day they moved up to Rs. 63. One of the major attributing factors for its share price to rebound is the market perception that its share value is trading under its normal value, market analysts confirmed. Therefore, it has really given an impetus to the share market. Due to the heavy demand for Expolanka stocks, it was able to contribute more than 40 percent to the day’s turnover, analysts added.
Besides the ASPI’s rise, S and P SL20 was up by 53.48 points.
Amid those developments, turnover stood at Rs 6.22 billion with three crossings. JHK’ s, 3.75 million shares crossed for Rs. 526 million, its shares traded at Rs. 141.50, Commercial Bank 3.82 million shares crossed for Rs. 334.6 million, its shares traded at Rs. 87.50 and TJLanka 1 million shares crossed for Rs. 41.5 million, its share price stood at Rs. 41.80.
In the retail market, the top five companies that mainly contributed to the turnover were, Expolanka Rs. 2.5 billion (41.4 million shares traded), LOLC Rs. 446.9 million (one million shares traded), Browns Investments Rs. 323.4 million (50.3 million shares traded), Dipped Products Rs. 296.5 million (5.3 million shares traded) and Royal Ceramic Rs. 179.3 million (4.9 million shares traded). During the day 439 million share volumes changed hands in 32339 transactions.
Oil prices rise as Saudi Arabia pledges output cuts – Opec+
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.
Manpower services agency wins accolades for its contribution to foreign employment sector
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.
Direct flights between Istanbul and Katunayake to commence from August
A special discussion between Turkish Ambassador – Demet Sekercioglu and Minister of Ports, Shipping and Aviation – Nimal Siripala de Silva took place last week at the ministry office. The aim of the discussion was to seek authorization to commence direct flights from the Turkish Capital Istanbul to Katunayake, Sri Lanka. The Chief of Turkish Airlines’ South Asia Office Fathi Bozkurt was also present during the discussion.
Currently, Turkish Airlines connects with Sri Lanka through a route that includes a stopover in the Maldives, resulting in an additional travel time of one and a half hours. The delay caused by this routing is not favored by travelers, as emphasized by the Ambassador.
The Chief of Turkish Airlines requested for time and space to be allocated in order to initiate direct flights between Istanbul and Katunaike, thus providing convenience for Turkish tourists and travelers who prefer visit Sri Lanka.
The Minister announced that the request would be forwarded to the Director General of the Civil Aviation Authority of Sri Lanka and the Airport and Aviation Services (Sri Lanka) (Private) Limited. The aim is to establish direct flights between Istanbul and Katunayake starting from August this year.
Turkish Airlines, a renowned airline with a fleet of over 100 aircraft, offers flights connecting Europe’s Vancouver and New York. The Chief of Turkish Airlines said that the new service would not only benefit European travelers but also encourage them to travel to Sri Lanka.
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