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Decline in net foreign outflow from CSE in June compared to May seen as sending positive signal for market

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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.



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‘With AI around, hardly anyone does any real work,’ says university don

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Professor Hiran Amarasekera of the University of Sri Jayewardenepura presents a Gold Award to Future Fibres Lanka (Pvt) Ltd at the SLAAQP Awards ceremony held in Colombo on February 12, 2026

While the corporate world celebrates the merger of efficiency and ecology, a leading academic last week issued a sobering warning: the very technology driving the next “Green Revolution” may leave the human workforce behind.

Speaking at the recently concluded Green Productivity Awards, organised by the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP), Professor Hiran Amarasekera of the University of Sri Jayewardenepura characterised Artificial Intelligence (AI) as a “godsend” for environmental sustainability – but one that carries profound social risks.

Professor Amarasekera’s keynote address cut through the celebratory atmosphere, targeting a perceived complacency among top-tier management.

“Managers are already using AI, but many CEOs, directors and managing directors remain sceptical,” he observed. “They think AI will come in another five years. No, it is already here.”

According to the Professor, AI is no longer a futuristic concept but a functional tool currently revolutionising green metrics. He highlighted how the technology is already replacing manual monitoring for energy optimisation, using predictive algorithms to drastically reduce industrial waste, and automating sustainability reporting – turning months of consumption data analysis into a task of mere seconds.

While these advancements provide a massive boost to the “bottom line” and help organisations meet the national Net Zero pledge, Prof. Amarasekera warned of a looming “danger”: the displacement of human workers.

“AI is boosting productivity while cutting back the need for human resources. What will happen to the jobs and the wider society? Not even the USA or other advanced economies have an answer to this,” he noted.

In a moment that elicited both laughter and reflection from the audience, he touched upon the irony of modern higher education: “Students produce their work through AI and we detect plagiarism through AI. So, with AI around, hardly anyone does any real work!”

The technological warning was balanced by the moral urgency of Senior Professor Ajith de Alwis from the University of Moratuwa. Invoking the words of David Attenborough, Prof. de Alwis asked the audience how they would look into the eyes of their grandchildren if they knew of the world’s collapse and did nothing.

The takeaway message of the evening was clear: While AI provides the tools to save the planet, human leadership remains the only force capable of managing the social consequences of that salvation.

Despite the warnings of future challenges, the SLAAQP awards proved that Sri Lankan industries are currently making notable strides. The event recognised 38 organisations – including 28 Gold Award winners – across sectors ranging from plantation, garments and rubber to poultry and textiles.

These winners were evaluated on four critical pillars: Leadership, Environmental Sustainability, Productivity Enhancement and Social Contribution.

By Sanath Nanayakkare

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Gemological Report of Ceylon sets new global benchmark for local gemstone certification

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The facility utilises a screening process where three gemologists evaluate each stone independently to ensure error-free results Pic by Nishan S. Priyantha

Steps into a critical void to earn recognition in international markets

For decades, Sri Lanka has been globally revered as the “Island of Gems,” yet the industry has long grappled with a paradoxical challenge: while the Sri Lankan soil yields the world’s finest stones, the local certification process has often struggled to command the same recognition in international markets.

Stepping into this critical void is the Gemological Report of Ceylon (GRC). Located at No. 97, Galle Road, Colombo 3, this newly launched laboratory is on a mission to redefine the standards of local gem certification, ensuring that the “fatherhood” of Sri Lankan gemstones remains firmly within its home soil.

Founded by Milinda Edirisinghe, a seasoned gemologist with over 20 years of experience in mining, trading, and geological study, GRC is the result of a lifelong observation of the industry’s “trust gap.”

“I saw a critical disparity,” says Edirisinghe, who received specialised training in Thailand, the global hub for gemstone treatments. “Sri Lankan exporters often face unfair skepticism in markets like Thailand, Hong Kong, and the US. International buyers often view local reports with doubt. I launched GRC to provide a local institute that is on par with the highest-caliber laboratories in the world.”

He made these comments while speaking to media at the new laboratory.

According to him, in its first month of operation, GRC has already seen a surge in demand, processing 30 to 40 stones daily – a success driven largely by its word-of-mouth reputation.

Milinda Edirisinghe performs a sensory inspection of a gemstone using a loupe to assess its initial characteristics

“The lab’s rapid growth is built on a foundation of total transparency. Unlike traditional setups, GRC employs a rigorous triple-blind screening process: three independent gemologists evaluate each specimen – from Sapphires, Ruby and Emeralds to semi-precious stones, polycrystals, rare meteorites, and even organic materials like natural Pearls, and rare coral species etc., used in high-end jewelry. By evaluating the stones without consulting one another, the three gemologists’ independent findings are then synthesised into a final, authoritative and error-free assessment,” he explained.

“As gemstone treatments become increasingly sophisticated – ranging from Beryllium diffusion to evolving heat and irradiation treatments – the need for advanced technology is paramount. GRC’s facility is equipped to identify the full spectrum of enhancements, ensuring the end consumer knows the exact “human intervention” history of their asset,” he further said.

However, Edirisinghe maintains that technology is a tool, not a replacement. When asked if AI could eventually handle the certification job alone, he noted:

“AI already assists our workflow to an extent, but a human gemologist remains an indispensable part of the process. Just as a surgeon uses advanced technology to enhance precision, they must still be present to execute the nuances of a complex operation. AI cannot truly ‘see,’ touch, or feel the soul of a stone.”

He further added, “AI can support our findings, but it cannot replace the gemologist’s ‘eye-view’ and the tactile senses that go a long way in issuing an accurate certification.”

Furthermore, GRC leverages an international expert network. “If we encounter a complex inclusion, we utilize virtual screen-sharing with leading labs in Thailand for real-time peer review,” Edirisinghe explains. “Our conclusions are science-based facts, not just opinions.”

Beyond technical excellence, GRC serves a vital economic purpose. Historically, local dealers spent thousands of dollars obtaining international certificates. GRC offers these world-class reports at a fraction of the cost, with detailed certificates starting from LKR 15,000 for full reports, a medium report at LKR 6,000, “memo cards” at LKR 1,500, and verbal opinions for LKR 500.

“By providing a credible, globally-recognised home-based laboratory, we are stemming the outflow of foreign currency to international labs,” said Edirisinghe.

With plans to participate in upcoming exhibitions in Dubai, Hong Kong, and the USA, GRC is positioning itself as a global contender. As the industry shifts toward “knowledgeable customers” who view jewellery as a liquid asset, GRC stands ready to provide the clarity and integrity the Sri Lankan gem industry deserves.

“If Sri Lanka produces the best stones in the world, it is only right that we also provide the world-class expertise to certify them. Our mission is to ensure that the ‘fatherhood’ of these precious stones remains in Sri Lanka, backed by a certificate that is respected from the USA to the European Union,” Edirisinghe said in conclusion.

By Sanath Nanayakkare

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Ministry of Brands to launch Sri Lanka’s first off-price retail destination

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Ministry of Brands to launch Sri Lanka’s first off-price retail destination

Sri Lanka’s retail landscape will reach a major milestone with the launch of Ministry of Brands (MOB), the country’s first off-price retailer. The flagship store is set to open on 16 February 2026, introducing Sri Lankan consumers to authentic global luxury and premium brands at discounts of up to 90% off original retail prices.

Backed by Akbar Brothers, Ministry of Brands brings the globally established off-price model to South Asia for the first time. The concept allows customers to shop for genuine designer and brand-name products at significantly reduced prices while supporting more sustainable retail practices.

The 10,000 sq. ft. flagship store, located at 28/9, Vajira Road, R.A. De Mel Mawatha, Colombo 4, will feature an extensive range across apparel, footwear, handbags, accessories, homeware, and more. Ministry of Brands will carry over 2,000 international and designer brands spanning womenswear, menswear, childrenswear, home, and accessories, including names such as Gucci, Ferragamo, Valentino, Michael Kors, Ralph Lauren, Burberry, Rag & Bone, Lacoste, Puma, UGG, HOKA, Brooks, Air Jordan, and many more.

Off-price retail is one of the fastest-growing global retail segments, helping fashion houses responsibly manage excess inventory. With the UN Environment Programme estimating 92 million tonnes of textile waste generated annually, sustainable retail models such as off-price are increasingly important.

“Sri Lanka manufactures for many of the world’s leading designer labels, yet these products have often remained out of reach for local consumers,” said Director of Ministry of Brands, Aamir Akbarally. “Through off-price retail, we are proud to make genuine designer brands more accessible to our fellow Sri Lankans, offering premium fashion at affordable prices while delivering a world-class shopping experience built on Akbar Brothers’ longstanding values of integrity, quality, and trust.”

Ministry of Brands Director, Ramzey Hammoud added: “With decades of experience in off-price retail, we see this as an exciting new growth chapter for Sri Lanka’s retail landscape. Our goal is simple: to allow customers to shop global designer brands locally at the best prices, while rediscovering the thrill of the find through a constantly changing, treasure-hunt shopping experience.”

Following the Colombo flagship launch, Ministry of Brands will open a second location at the One Galle Face Mall, with plans to expand across South Asia and Australia.

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