Business
CSE’s year-to-date net foreign outflow exceeds Rs. 51 billion
With deteriorating foreign exchange reserves
By Hiran H. Senewiratne
The Colombo Stock Exchange (CSE) is in the final week of trading for 2021 on a negative note with both indices down although turnover improved sharply, stock market analysts said yesterday.
Market also saw high net foreign selling, increasing the year-to-date (YTD) net outflow over Rs. 51 billion with the deteriorating foreign exchange reserves. Therefore, the market witnessed significant profit takings this year especially among foreign investors. But current scenario has discouraged many investors and therefore they take profits and exit the market, market analysts said .
In contrast. with the depreciation of the rupee against the dollar most of the export sector counters performed reasonably well but the banking and financial sector counters were adopting a wait- and-see approach due the current distressing foreign reserves situation, which could result in failure in debt servicing and making sovereign bond payments early next year, stock market analysts said
Commercial banks yesterday did not react in a negative manner despite the Central Bank (CBSL) ordering all licensed banks to sell 25 percent of US dollars to the CBSL in a desperate measure to alleviate the forex shortage in the market and increase foreign currency.
According to the Central Bank amending the operating instructions on extending the incentive scheme for inflows of workers’ remittances from Monday, the Governor of the Central Bank has informed the CEOs of all licensed banks the changes made to mandatory foreign exchange sales to the CBSL and to incentives offered under the incentive schemes.
Amid those developments, CSE activities were negative throughout the day, because Index weighted Senkadagala Finance share price depreciated further, even after the previous day’s dip. Its share price dropped by 25 percent or Rs 239. Its share price started trading at Rs 964 and at the end of the day it had a depreciation of Rs 725 tus contributing 50 negative points to the All Share Price Index.
Therefore, both indices moved downward. All Share Price Index down by 100.79 points and S and P SL20 down by 2.94 points. Turnover stood at Rs 5.67 billion with seven crossings. Those crossings were reported in Commercial Bank, which crossed 7.2 million shares to the tune of Rs 582.6 million and its share price traded at Rs 78, Melstacorp 10 million shares crossed for Rs 550 million and its share price traded at Rs 55, Citizens Developments Business Finance 2.9 million shares crossed for Rs 506 million and its share price traded at Rs 170, Nation Trust Bank 4.2 million shares crossed for Rs 231 million and its share price traded at Rs 54, LB Finance two million shares crossed for Rs 136 million and its share price traded at Rs 58, Amand Bank 20 million shares crossed for Rs 88 million and its share price traded at Rs 4.40 and Lanka IOC 325,000 shares crossed for Rs 24.2 million and its share price traded at Rs 74.50.
In the retail market top seven companies that mainly contributed to the turnover were Prime Lanka Residencies Rs 388 million (31.9 million shares traded), Expolanka Holdings Rs 375 million (one million shares traded), SMB Leasing Rs 185 million (90.8 million shares traded), Myland Developments Rs 172.8 million (7.8 million shares traded), Lanka IOC Rs 157 million (two million shares traded), Royal Ceramic Rs 117 million ( 1.5 million shares traded), and Browns Investments Rs 114 million (eight million shares traded).
During the day 317 million share volume changed hands in 42000 share transactions of the day. It is said that the high net worth and institutional investor participation was noted in Udapussellawa Plantations and Hapugastenne Plantations.
The Central Bank of Sri Lanka today (07) presented its flagship publication, the Annual Economic Review for 2024 (AER 2024), to President and Minister of Finance, Anura Kumara Disanayake, highlighting the steady progress of Sri Lanka’s economic recovery following the country’s most severe downturn in recent history.
The report was officially handed over by Dr. P. Nandalal Weerasinghe, Governor of the Central Bank, during a special ceremony held at the Presidential Secretariat.
AER 2024 comprises four main chapters: Macroeconomic Developments, Conditions of the Financial System, Review of Central Bank’s Policies and Macroeconomic Outlook.
According to the Review, the Sri Lankan economy showed significant signs of recovery in 2024, following the deep economic crisis experienced two years ago. The recovery trajectory, though challenging, has been notably faster than that of many other debt-distressed countries.
Improvements in economic activity, a partial resurgence in purchasing power and reduced uncertainty are among the key positive indicators noted in the report.
The event was attended by Dr. Nandika Sanath Kumanayake, Secretary to the President, K. M. Mahinda Siriwardena, Secretary to the Treasury, Mrs. K. M. A. N. Daulagala, Senior Deputy Governor, Dr. C. Amarasekara, Assistant Governor, Dr. (Mrs.) S. Jegajeevan, Director of Economic Research and Dr. L. R. C. Pathberiya and Additional Director of Economic Research at the Central Bank Dr. V. D. Wickramarachchi.
[PMD]
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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