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CSE turnover remains in billions range but indices dip

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By Hiran H.Senewiratne

CSE completed 13 consecutive days of gains, showing consistency, as investor sentiment gathered more momentum due to the low interest rate regime. Despite high turnover levels both indices moved downwards yesterday, stock market analysts said.

Yesterday the market was positive in the morning but during the latter part of the day it could not maintain its momentum, when both indices moved downwards. The All Share Price Index went down by 5. 93 points and  S and P SL20 declined by 16. 53 points. 

Turnover stood at Rs. 3.88 billion with four crossings. Those crossings were reported in JKH, which crossed 195,000 shares to the tune of Rs. 29.7 million, its shares trading at Rs. 152.30, Abans Electricals 196,000 shares crossed for Rs. 29.4 million, its shares traded at Rs. 150, Softlogic Life Insurance 800,000 shares crossed for Rs. 28.4 million its shares trading at Rs. 35.50 and Hemas Holdings 220,000 shares crossed for Rs. 20.2 million, a share trading at Rs. 92.

In the retail market top five contributors to the turnover were Browns Investments Rs 1.33 billion (357.1 million shares traded), Softlogic Life Rs  435 million (2.75 million shares traded), Hemas Holdings Rs 254 million (2.75 million shares traded), Expolanka Rs 225 million (8.6 million shares traded) and LOLC Rs 91.9 million (650,000 shares traded). During the day 477 million share volumes changed hands in 25622 transactions.

During the day Browns Investments, a favourite counter among certain investors, saw its share price fall by three percent or 10 cents. However, on the previous day Browns Investments shot up by 70 cents or 23 percent due to market speculation.

Further, LOLC, a leading listed company in the stock market,  announced a debenture issue. The company will issue 65 million debentures at Rs. 100 to raise 6.5 billion, stock market sources said. 

It said high net worth and institutional investor participation was noted in National Development Bank, JKH and Hayleys Fabric. Mixed interest was observed in Hemas Holdings, Softlogic Life Insurance and HNB, while retail interest was noted in Browns Investments, LOLC Holdings and Expolanka Holdings. 

Sri Lanka rupee was quoted flat at 185.70/186.00 to the US dollar on Thursday in the spot market while yields remained unchanged in dull market trade, dealers said.

The rupee closed at 185.70/186.00 to the US dollar on Wednesday against the US dollar.

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HNB promotes cashless transactions; joins CBSL’s ‘Rata Purama LANKAQR’ campaign

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Chief Guest for the event Money and Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal, CBSL Deputy Governor and National Payments Council chairperson Yvette Fernando, and CBSL Payments and Settlements Director D. Kumaratunge with HNB Executive Director and Chief Operating Officer Dilshan Rodrigo as he completes a transaction via HNB SOLO at a merchant stall

HNB PLC, partnered with the Central Bank of Sri Lanka to promote the Colombo-leg of ‘Rata Purama LANKA QR’ campaign at Diyatha Uyana, to raise awareness and encourage the public towards cashless payments.

Having already linked LANKA QR to its digital payment app HNB SOLO, the bank was among other financial institutions and telecommunication partners in joining efforts to make cashless QR-code based payments the standard for mobile phones and digital payments countrywide, in moving towards a cashless and digitally-savvy Sri Lanka.

“We are entering a new era of financial technology, where almost all of our daily transactions will require no physical banknotes, but just a smartphone and internet connection with our bank account integrated to a digital payment app.

The Central Bank’s national directive for banks and financial institutions to adopt and integrate LANKA QR into their existing digital payment solutions has prompted an aggressive onboarding of merchants to the new payment solution across the country. With our extensive customer base, SOLO is no doubt a significant contributor to this innovative initiative,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.

The Colombo-leg of the ‘Rata Purama LANKA QR’ campaign raised awareness regarding SOLO’s many facilities, including zero human interaction, efficiency, and eliminated risks that influenced many vendors to come on board.

 

(HNB)

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Sri Lanka Insurance posts a staggering revenue of Rs. 55.2 billion during 2020

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Amidst the turbulent and challenging year Sri Lanka Insurance has closed year 2020 on a positive note recording phenomenal revenue growth with exceptional service innovations.

Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2020 to record Rs. 55.2 billion revenue for the year, a marked improvement on the Rs.48.6 billion in the year 2019, a press release said.

It adds – In the year of 2020 Sri Lanka Insurance reported 30 % growth in life insurance premium increasing to Rs.19.2 billion whilst general insurance reported 7% growth in premium grew to Rs. 20.1 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 17 % during the year. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.

‘In continuing with its tradition of leadership, Sri Lanka Insurance in 2020 surpassed its own record to declare a sum of Rs.8.2 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.54 billion making the SLIC bonus payout unmatchable.

‘As the national insurer we have witnessed yet another challenging year and the consequences brought out by pandemic outbreak urged us to conduct our business operations in a more empathetic manner. SLIC has always taken the lead to protect the nation and during this difficult time Sri Lanka Insurance launched many initiatives to sustain country’s health defenses while ensuring our customers receive uninterrupted insurance service.

‘As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans under the ‘Insurance for All” concept. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities.’ noted .Jagath Wellawatta, chairman of SLIC.

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Bank of Ceylon empowering nation with Lanka Q

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The Bank of Ceylon in its mission to assist the government initiative to empower Sri Lanka through digital technology is joining the customer awareness campaign of Central Bank of Sri Lanka’s Lanka QR digital platform.

Bank of Ceylon had its most recent major awareness programs in Borella and Maharagama along with the other branches in Colombo District in line with the Central Bank’s main program held in “Diyatha Uyana” with the participation of all Lanka QR certified banks on the same day.

Central Bank of Sri Lanka (CBSL) has organized a series of awareness and promotion campaigns for popularizing Lanka QR with the participation of all Lanka QR certified financial institutions throughout the country with the aim of speeding up the customer adaptation process towards digital banking.

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