By Hiran H.Senewiratne
Trading activities at the CSE were positive initially yesterday and there was increased buying interest in shares owing to improved investor sentiment subsequent to a Central Bank projection of a five percent growth of the economy this year, stock market analysts said.
However, towards the latter part of the day profit takings were noted and the stock market turned negative, analysts said.
Amid those developments both indices moved downwards. The All Share Price Index went down by 83.17 points and S and P SL20 declined by 25.59 points. Turnover stood at Rs. 3.95 billion with a single crossing. This crossing was reported in Sampath Bank, which crossed 3.5 million shares to the tune of Rs. 173.2 million; its shares traded at Rs. 49.50.
In the retail market five companies that mainly contributed to the turnover were; Expolanka Rs. 1.3 billion (7.8 million shares traded), Browns Investments Rs. 1.1 billion (111 million shares traded), LOLC Finance Rs. 188 million (21.5 million shares traded), Tokyo Cement (Non Voting) Rs. 167 million (3.7 million shares traded) and LOLC Holdings Rs. 106.2 million (200,000 shares traded). During the day 215 million shares changed hands in 29000 transactions.
Further, Nestle’s parent company, Nestle SA, purchased 100,000 shares in Nestle Lanka Plc. The company purchased 49.4 million shares and with the purchase, total shareholding of Nestle SA would be 91.95 percent.
On Monday, market capitalisation had fallen to Rs. 3.80 trillion (after the indices plunged by nearly 4%) from Rs. 3.95 billion but by the previous day it had recovered to Rs. 3.97 trillion – though still marginally below the Rs. 4 trillion threshold last enjoyed on September 9.
It is said high net worth and institutional investor participation was noted in LOLC Finance. Mixed interest was observed in Expolanka Holdings, Hayleys and LOLC Holdings, while retail interest was noted in Browns Investments, SMB Leasing voting and SMB Leasing non-voting. Foreign participation in market activity remained at subdued levels with foreigners closing as net sellers.
Meanwhile, the Sri Lanka rupee exchange rate was quoted at USD 199.64.
Money launderers would be brought to justice regardless of social standing – CBSL Governor
By Steve A. Morrell
Money-laundering and related financial frauds would be intensely investigated and those suspected of such financial crime would be brought to j1ustice regardless of social standing. The law would be enforced stringently on those who engage in these malpractices, Central Bank Governor Ajith Nivard Cabraal said.
The CBSL Governor made these comments in response to questions posed by the press at the media briefing addressed by him on December 4 at CBSL’s Atrium complex. At the head table with Governor Cabraal were Deputy Governor Dr. K.M.M. Siriwardena, Deputy Governor Ms. T.M.J.Y.P. Fernando, Deputy Governor Dr. N.W.G.R.D. Nanayakkara and Deputy Director of the Foreign Remittances Facilitation Department Dr. B.H.P.K. Thilakawardena.
It is of importance that banks have assured the Central Bank that such suspect transactions would be closely monitored. The receipt of large parcels of funds that raise suspicions would be thoroughly probed. Banks would be empowered to investigate the origins of such funds. If valid explanations are not forthcoming as to how such moneys were amassed, action would be taken following intense investigations to bring wrong-doers to justice, the CBSL Governor said.
On the subject of Sri Lankan migrant workers, Cabraal said that the number of workers who departed this year was comparatively low. Some 20,000 left for employment. This figure was nowhere near the annual departure rate. Before the pandemic, about 96, 000 or more Sri Lankan migrant workers were employed in other countries.
‘The low worker departure numbers this year meant dollar remittances this year were also low.
‘However, such remittances attracted duty free concessions, which encouraged migrant workers to send back earnings.
‘In exchange rates, the dollar was now Rs.210. This meant that depreciation of the rupee was stalled.
‘Inflation is subjected to global prices of oil, coal and other goods Sri Lanka imports. Based on such international prices, import value of such commodities was beyond the control of the local authorities and did influence the inflation that was experienced by Sri Lanka.
‘Departure to other countries for employment by Sri Lankans was now facilitated to ensure such departures were not stalled in any way because of the importance of forex remittances.
‘There was also now a useful pension scheme in addition to the duty- free allowance; mainly to encourage inward remittances.’
Alliance Finance expands its sustainability drive through island wide branches
Alliance Finance Co. PLC, (AFC), Sri Lanka’s oldest finance company with over 65 years of expertise in offering affordable and inclusive sustainable finance solutions to empower the nation. AFC has taken a step forward to expand its sustainability drive through its island wide branch network, launching AFC branch sustainability programme, known as the “AFC helping hand” with an aim to help uplift the lives of Sri Lankans and lend a helping hand to the fight against the pandemic. This initiative has several competed projects to date and over 30 project implementations are in progress, despite the challenges from the Covid-19.
The branch network following in the footsteps of AFC, have embraced the opportunity to serve the communities in their respective regions. AFC donated a vast array of medical equipment to hospitals, lending a hand towards the ongoing battle against COVID-19 including formal reliefs to affected clients & staff. To date the company has supported hospitals in Northern, Uva, Eastern, Southern, Western, Sabaragamuwa and North Western Provinces and many projects are progressing in other provinces as well.
Commenting on the AFC helping hand programme, Deputy Chairman and Managing Director Romani de Silva said, “It is with great enthusiasm we embark on these projects to support our own communities. All of the AFC’s branches have rallied behind this programme to fulfil the most pressing needs of their respective locations. We are in the midst of a highly challenging period with the pandemic.”
Leading Singaporean edtech platform Tutopiya provides Sri Lankan tutors with global teaching opportunities
Tutopiya, a Singapore-based edtech platform, announced the official launch of its tutor recruitment drive in Sri Lanka. This drive comes at a time when online tuition is necessary amidst the pandemic and social distancing measures across the globe.
Tutopiya works with a network of experienced tutors to bring online tuition to students at home. Tutopiya specialises in teaching international school students from grades 1-12 focusing on the IGCSE and A levels by Cambridge & Pearson Edexcel Examination Boards and the International Baccalaureate (IB).
Nuha Ghouse, CEO of Tutopiya said, “We are excited to launch our tutor recruitment campaign in Sri Lanka and have already seen a lot of interest from tutors looking for global teaching opportunities which are not disrupted by the COVID-19 pandemic. We want to offer students access to quality online education, which is crucial at this point, so we have one of the largest and thoroughly vetted active databases of quality teachers to ensure we provide the highest standard of online tuition.”
A growing interest in global online teaching opportunities
Developed and honed in-house over a three year period, Tutopiya’s proudly owns its advanced web-based platform and mobile app which completely equips tutors to offer a high quality online learning experience with absolute convenience in lesson scheduling, joining and teaching. In addition, tutors are provided with teaching resources and ongoing continuous training and webinar series to ensure the tutors are fully supported and up-to-date with the latest international curricula and the best online teaching techniques.
Tutopiya’s faculty of internationally-qualified subject specialist teachers ensures the students have access to advanced standards of knowledge and skills for every subject offered. Tutors are selectively and privately-screened to ensure that they provide students with the best education possible.
Private live and interactive lessons without leaving home
Through Tutopiya’s advanced mobile app and web-based platform, students and teachers have a range of features which provide a complete solution for online learning – live lessons, practice
assignments, progress tracking, feedback, lesson recordings, to name a few. This makes online learning most effective, efficient and best of all, convenient.
Becoming a Tutor with Tutopiya
If you are someone who is passionate about teaching and would like to work with students from different parts of the world, visit www.tutopiya.com and submit your online application under the ‘become a tutor’ section. https://www.tutopiya.com/become-a-tutor/
Traditionally, students who enroll in tuition outside of school have to travel to their tutor’s homes or vice versa. However, with more restrictions due to the COVID-19 pandemic, this is not a viable option for many.
By removing the physical barrier, learners and tutors will have more opportunities and chances for exploring new and qualified educators. Tutors can gain a better understanding of each student through one-on-one time. Through this communication, tutors can deliver customised lessons that suit their individual needs and learning styles for the best outcomes.
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