Business
Decline in net foreign outflow from CSE in June compared to May seen as sending positive signal for market
By Hiran H.Senewiratne
The net foreign outflow at the CSE has come down in June compared to May this year in a positive signal for the market, which indicates that foreign investors still have confidence in the local stock market, Head-Market Development, CSE, Niroshan Wijesundara said.
“May was a critical month due to the outbreak of the Covid 19 third wave after the New Year. Therefore, foreign outflow/selling was Rs. 6.4 billion. However, in June foreign outflow/ selling was to Rs. 3.76 billion, which is quite a healthy situation for the market, Wijesundera told the Island Financial Review.
He also said that in May a Rs. 1.5 billion private placement took place with NDB, which has significant foreign investor participation.
Commenting on LOLC Development Finance, he said that the public holds only 0.03 percent shares in it, which are all illiquid shares and sometimes companies do this to ensure free float of shares in the market, which depends on board requirements.
Amid those developments both indices moved downwards yesterday. All Share Price Index went down by 2 points and S and P SL20 went down by 21.65 points. Turnover stood at Rs. 1.35 billion with a single crossing. The crossing took place in JKH, which crossed 1.86 million shares to the tune of Rs. 242.6 million, its shares traded at Rs. 131.
In the retail market, top five companies that mainly contributed to the turnover were Cargills Rs. 134 million (497,000 shares traded), JKH Rs. 103 million (784.2 million shares traded), LOLC Rs. 64.9 million (164,000 shares traded), LOLC Finance Rs. 60.2 million (8.54 million shares traded) and Dipped Products Rs. 57.6 million (1.1 million shares traded)
During the day, the market was sluggish; the overall valued stocks witnessed a decline, while illiquid speculative counters reported gains. LOLC Finance, Commercial Leasing and Finance and Kotmale Holdings contributed to the All Share Price Index. LOLC Finance contributed 9.5 points, Commercial Leasing and Finance 23 points and Kotmale Holdings contributed seven points to the All Share Price Index. All three companies together contributed 40 points to the All Share Price Index while the market was down by 2 points.
Much talked about LOLC Development Finance share price moved down, which contributed 14.5 negative points to the All Share Price Index and Index heavy JKH also contributed nine negative points to the All Share Price Index.
During the day Commercial Bank share price appreciated by 24 percent or Rs 1.60. Its share price moved upto Rs 8.20 from Rs 6.60. LOLC Finance appreciated its price by 13 points and 80 cents. Its share price moved to Rs 7.10 from Rs 6.30 and Kotmale Holdings share price appreciated by 23 percent or Rs 118.50. Its share price moved to Rs 645 from Rs 526.50.
However, Kotmale Holdings, a subsidiary of Cargills, also witnessed an unusual price increase of its shares, similar to LOLC Development Finance. Cargils owned 31.2 million or 99.5 percent in Kotmale Holdings. Only 0.5 percent or 153,200 shares traded in the market. Its is said that due to the small quantity of shares and illiquid nature of its shares in the stock market, dominating the market imparts a wrong signal on the market, which would affect the image of the market, which needs to be investigated propermanner, stock brokers said. During the day63.5 million share volume changed hands in 17912 transactions.
Business
ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push
Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.
“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”
Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.
During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.
With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.
Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.
Business
New Board appointed to lead Unit Trust Association of Sri Lanka
The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.
The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).
President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”
The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.
Business
Indiya at Cinnamon Life enters a flavourful new chapter
Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.
Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.
The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.
At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.
Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.
At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.
The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.
From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.
Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.
No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.
By Ifham Nizam
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