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.
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
Business
International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw
ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.
This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.
“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL
Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.
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