By Hiran H. Senewiratne
The CSE rose over 1 per cent within the first hour of trading yesterday, continuing the momentum from the previous day, unfolding a stock market driven by retail investors. The reasons for the market to bounce back were external and internal factors, stock market analysts said.
One external factor that propelled the market was the Asian Development Bank (ADB) reassurance of further support for crisis-hit Sri Lanka once the International Monetary Fund Board approves the US $ 2.9 billion four-year Extended Fund Facility program.
ADB President Masatsugu Asakawa told journalists that reaching the Staff Level Agreement by Sri Lanka with the IMF earlier this month was a positive development and expressed confidence in the government receiving “financing assurances” from relevant creditors leading up to the IMF Executive Board approving the new support program for Sri Lanka.
A further factor that positively impacted the market was the Export Development Board report that our export earnings from the beginning of the year to August this year reached more than US $ 8 billion, which was a 12 per cent increase, stock market analysts said.
Amid those developments both indices moved upwards. All Share Price Index went up by 97.25 points (0.99 per cent) to end of the day at 9958.87 and S and P SL20 gained 22.71 points (0.72 per cent) to end of the day at 3187.22. Turnover stood at Rs 3.1 billion without a crossing.
In the retail market top seven companies that mainly contributed to the turnover were, ACL Cables Rs 458 million (3.8 million shares traded), Lanka IOC Rs 299 million (one million shares traded), Expolanka Holdings Rs 198 million (890,000 shares traded), Lanka Wall Tiles Rs 169 million (2.2 million shares traded), First Capital Holdings Rs 121 million (6.2 million shares traded), Royal Ceramic Rs 106 million (2.5 million shares traded) and First Capital Treasuries Rs 101 million (4.4 million shares traded). During the day 181 million shares changed hands in 33000 transactions.
Between early August and yesterday, SG Holdings is estimated to have acquired 67 million shares or a 3.7 per cent stake in Expolanka at a price range of Rs. 200 and Rs. 230 per share.
It is said buying in September alone resulted in a net inflow of Rs. 14.6 billion to the stock market and more importantly boosted liquidity of those who sold out of Expolanka. On the previous day Expolanka saw 11.6 million of its shares change hands via 883 trades for Rs. 2.65 billion. It closed at Rs. 224.75, up by one rupee. Expolanka’s market value was Rs. 439.3 billion as of yesterday accounting for 10 per cent of CSE’s total.
Yesterday the Central Bank- announced US dollar buying rate was Rs 359.18 and the selling rate Rs 369.93.
Trio of collections to mark Vogue Jewellers’ 60th anniversary
Marking another milestone, Vogue Jewellers, Sri Lanka’s premier jeweller staged an unprecedented trio of jewellery collections at a lavish jewellery show held at Shangri-la, Colombo. The event featured Royal Majestic Collection – the third volume of Sri Lanka’s first ever branded patented 22 karat gold jewellery; Vogue Lace Collection – a Diamond encrusted 22 karat gold necklace collection inspired by Beeralu lace and the luxurious Diamond Necklaces Collection along with the complete set of Vogue Lotus Bridal Jewellery – 22 karat Kandyan bridal jewellery collection. The collections released exhibit Vogue’s instinctive ability to focus on fashion, uniqueness and everlasting value.
Each handcrafted necklace of the Royal Majestic Collection screams grandeur, wealth and value. They are absolutely versatile as they can be worn as a grand long centerpiece or by detaching the tassels that can be worn as a pair of matching earrings, and even by detaching the pendant to wear with a plain chain. They are 22 karat solid gold creations, Pure Brilliance SWAROVSKY Cubic Zirconia or genuine coloured stone encrusted necklaces that come with a 1 gm branded gold coin. Royal Majestic Collection with many designs. Ideal for gift giving, to pass on to the next generation and as a sound investment, these masterpieces are absolutely stunning creations.
Vogue Lace Collection, inspired by the traditional Beeralu lace is an intricately hand-crafted Diamond and Pearl encrusted 22 karat fine jewellery. As delicate as lace in their appearance, the luxury collection of necklaces and choker necklaces are truly exotic. Handcrafted to perfection, every necklace of this signature collection reflects mastery in design, craftsmanship and sheer elegance.
The newest array of Diamond Necklaces and Earrings released at the Vogue jewellery show brings a distinctly modern point of view to Diamond jewellery. Inspired by Vogue’s rich heritage in Diamond jewellery, the newest Vogue Diamond Collection comprises necklaces and earrings, accented with white gold, and in the case of some, rose gold, for that touch of colour. Each creation offers optimal style versatility with maximum sparkle.
In addition to the three new collections that were released at the jewellery show, the complete set of the 22 karat Kandyan Bridal Jewellery was paraded. Inspired by the much-revered Lotus, the divine symbol of purity, resilience and faithfulness, the Vogue collection is a made-to-order complete set of Kandyan bridal jewellery that includes the headdress and its accompaniments, earrings, seven necklaces, waist chain and the bangles. Available as a complete set or as individual items, it is a collection for those seek evolved designs in keeping with local traditions.
The jewellery show was choreographed by renowned Designer and Fashion Consultant, Michael Wijesuriya. Channa Wijewardena’s dance troupe lead by Aseka Wijewardena and Opera singer Stephane Siriwardhena added colour to the event. An elegant coffee table book was introduced to the distinguished invitees. The Kandyan bride was dressed by the popular bridal dresser, Mr. Dhananjaya Bandara.As with any item available at Vogue, the new collections too come with a lifetime guarantee. Visit the Vogue flagship store at Colpetty or any of its branches in Nugegoda, Kandy, Negombo and Kurunegala.
Innovate Lanka concludes with Demo Day and Finale
Innovate Lanka recently concluded with its 2022 Demo Day and Finale, where 10 finalists pitched their exceptional ideas to a high profile panel that encompassed Corporate Leaders, Domain Experts and Angel Investors.
Adjudged this year’s winner, AGC Innovate (Pvt) Ltd is a sustainable initiative pioneering technology to convert non-recyclable waste plastics into an industrial raw material called Plastic Modified Asphalt Concrete (PMAC) in Sri Lanka, which will be used for paving roads, car parks and yards. Since its inception in 2018, the company has already completed more than 15 projects, including for RDA, PRDA, Cargills (Ceylon) PLC, John Keells Holdings (Cinnamon Life and Crescat), CBL, French Embassy, etc.
The runner-up for 2022 was DirectPay (Pvt) Ltd, which connects everyone digitally, bringing them one step closer to a cashless society, by introducing modern payment methods for the financial and telecom industries. DirectPay is a FinTech application that provides direct debit facilities, Internet Payment Gateway and LankaQR and JustPay (National QR) technologies to enable customers to make payments across any boundary.
Also awarded was the “Best Female Entrepreneur” title, which was handed out to Bluefish Ceylon (Pvt) Ltd. This fish food manufacturer is dedicated to providing ready-to-eat, flavourful, and nutrient-dense fish products made with hand-picked natural ingredients with an authentic and distinct taste, while adhering to 100% hygiene standards.
A national initiative bringing together Sri Lanka’s main startup and SME ecosystem partners, Innovate Lanka is a program initiated by the Council for Startups (CFS) of The Ceylon Chamber of Commerce (CCC), the Lankan Angel Network (LAN) and Sri Lanka Association for Software Services Companies (SLASSCOM). This program will ideally also serve up the systematic change required to rebuild Sri Lanka, by providing personalized support for every entrepreneur while offering a one-stop-shop for incubation and acceleration, until exit, at the global level.
In addition to the winner, runner-up and “Best Female Entrepreneur” title holders, the Innovate Lanka Demo Day and Finale also offered up presentations by other top 10 finalists. These included WorkXFlow (Pvt) Ltd, EDUS Lanka (Pvt) Ltd, INGROW Holdings (Pvt) Ltd, Ceylon Dhee Ayurved (Pvt) Ltd, Stag Space (Pvt) Ltd, Edutoys (Pvt) Ltd and CrossBorder Payments (Pvt) Ltd.
Garnering an exemplary 70+ entries during its initial, applications stage, Innovate Lanka later went on to thoroughly vet these submissions, ultimately whittling down its pool of startups and SMEs to just the top 10. This was achieved via an intensive pitching and evaluation process, which was facilitated by LAN.
Said LAN Chairperson Chandi Dharmaratne; “We at LAN, along with our global, national and eco-system partners, and the many incubators and accelerators that participated, are committed to supporting SMEs and entrepreneurs during the tough economic times ahead. Programs such as Innovate Lanka will keep dreams of scaling alive, until such time as our economy recovers and more startups and SMEs can bootstrap themselves into the global marketplace.”
Commenting further, CFS Chairman Prajeeth Balasubramaniam said; “Entrepreneurship is critical to stimulate long-term economic growth and national prosperity. As an entrepreneur, today there is no one private sector body representing them to help in all spheres of growth at the different stages. Innovate Lanka platform was created with this in mind as a national initiative that brings all the start-up and SME ecosystem partners together”.
Adding to this, SLASSCOM Chairman Ashique Ali said; “We were happy to partner in this programme as start-ups play a significant role in innovation, creating social, economic, and environmental impact, and generating export revenue. There are a significant number of start-ups which have the potential to scale regionally and globally. SLASSCOM together with other ecosystem partners aim to support these startups through their incubation to scale up journey, realising SLASSCOM’s goal of catalysing 1000 startups by the year 2025.”
LSEG Foundation joins ‘Manudam Mehewara’ initiative driven by corporate Sri Lanka
Aiming to Assist Over 200,000 Vulnerable Families
The LSEG (London Stock Exchange Group) Foundation pledged its support as a corporate donor of the ‘Manudam Mehewara’ emergency relief programme, initiated by Dialog Axiata PLC, MAS Holdings, Hemas Holdings PLC, execution partner Sarvodaya Shramadana Movement and independent auditor PwC Sri Lanka, together with corporate partners CBL Group, Citibank, Sunshine Holdings PLC, Huawei Technologies Lanka Co., Pvt Ltd, and Unilever Sri Lanka.
Launched to support over 200,000 vulnerable families and communities across the country amidst the ongoing economic crisis, the ‘Manudam Mehewara’ initiative has currently distributed emergency relief across all 25 districts in Sri Lanka, where over 115,000 families in-need have been assisted to date. The Manudam Mehewara programme will conduct its relief efforts until a sustainable benefit transfer system is established in the country through an effective economic recovery plan.
Speaking on the occasion, Pulasthika Wirasinha – Head of Human Resources, LSEG Sri Lanka stated, “It has been inspiring to witness the many corporates who have stepped up to the frontline of Sri Lanka’s economic recovery. At LSEG, we embody the spirit of empowering communities, and we would like to thank the Manudam Mehewara corporate coalition for the opportunity to help in this time of need”.
Addressing the gathering, Hong Zhou Wong – Group Chief Financial Officer, Dialog Axiata PLC commented “Dialog along with our corporate partners rose to the call of need in early April by initiating Manudam Mehewara with the aim of assisting and supporting the most impacted communities across Sri Lanka in the backdrop of devastating economic hardship. Our partners and donors have not only contributed their financial aid to this initiative but also their resources and expertise to pave the road to recovery for Sri Lanka. On behalf of Manudam Mehewara, I would like to thank LSEG for joining us in this effort. Since April, Manudam Mehewara has supported over 115,000 families across all districts, but our journey has only just begun as we aim to reach 200,000 families. To see our mission to fruition, I urge other like-minded corporate partners to join us in this collective force for good”.
Manudam Mehewara invites all Sri Lankans and corporates to join its shared mission of supporting the most vulnerable families across the country and contributing to this cause. Individuals can now simply donate via their credit/debit card on the website – https://dlg.lk/donate/ or through a bank transfer, Star Points transfer, eZ Cash, genie, or even through a mobile top-up to 077 642 1421. Donors can also conveniently donate through a range of payment options via www.karuna.lk, Sri Lanka’s First Cause-verified Crowdfunding Platform.
Six member committee appointed to inquire into Sri Lanka Cricket Team’s conduct in Australia
SJB MP: Most parents have to choose between food and children’s education
All crises boil down to flaws in education system, says Dullas
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
News5 days ago
SLPP dissidents ask govt. to bring back USD 35 bn ‘parked’ overseas
Sports6 days ago
Cricket needs to address discipline issues
Features6 days ago
From Jungle To International Five-Star
News7 days ago
Sabry denies China caused SL debt crisis
Sports2 days ago
Chamika under fire after chief selector opens can of worms
Features4 days ago
Credibility in governance through elections and not security forces
News4 days ago
Easter Sunday terror attack suspect hacked to death
Business4 days ago
‘JAT posts stellar Q2 – doubles PBT and commences manufacturing in Bangladesh’