The Colombo stock market has recorded a noteworthy turnaround in recent months, driven by a progress of the indices and improved investor interest,a CSE press release said.
It adds – ‘Since reopening the market on 11 May 2020 following an extended closure as a result of the COVID-19 pandemic, the benchmark All Share Price Index (ASPI) has recorded an 18.97% gain since reopen, and as of 11th September stands at 5,438.91. The S&P SL20 index, which features the CSE’s 20 largest and most liquid stocks has also gained, making a 21.15% gain since the market reopen, closing at 2,359.24 points as of 11th September.
‘The ASPI and the S&P SL20 Index have made consistent gains tracking back points losses with the indices now at higher levels than before the 11th of March 2020, the day COVID-19 was declared as a pandemic by the World Health Organization.
‘The overall value of the stock market, which is represented by the market capitalization, has also improved adding Rs. 235.5 Billion since 11th May.
‘The year-to-date daily average turnover, which is an indication of investor participation in the market, currently stands at Rs. 1.35 billion – the highest figure recorded since 2014. Overall market activity in terms of the average number of trades carried out during a trading day has also increased significantly by 73% when compared to the average figure recorded in 2019 and 133% higher than 2018.
‘The post COVID market presented a unique opportunity for investors to benefit from historically attractive valuations at the time, with the market reaching 4,300 levels. The low-price points demonstrated by a majority of the stocks was the ideal entry phase for new investors and an opportune moment for them to experience the market and grow their wealth. Local retail investors were quick to identify this opportunity and accumulate stocks at low prices which resulted in high participation levels in the market.
‘A significant increase in account openings was noted since market reopen with 5801 new investors entering the market which is 98% higher than the number of new investors recorded during the same time period (May to August) in 2019 and 56% higher than 2018.
‘Local investors have contributed to approx. 75% of the total market turnover since the market reopened for trading on the 11th which is significantly higher when compared to approx. 36% recorded pre-closure.
‘The year 2020 has also seen a greater interest among younger investors in the retail segment, with 47% of the total accounts opened being attributed to the 18-30 age group. This marks an interesting development considering the fact that a large portion of retail stock market investors have traditionally been above 50 years of age.
‘On the foreign investment front, 2020 has recorded a net foreign outflow of Rs. 34.9 Billion, largely in line with the foreign fund outflow trend recorded in emerging and frontier markets around the world. However, the market has continued to attract foreign purchases too with investors continuing to acknowledge attractive valuations compared to 2019, with foreign purchases YTD of Rs. 45 Billion in 2020.’
New Administration building at Horana EPZ opened
The BOI’s Horana Export Processing Zone ceremonially opened its 46 million-rupee new administrative building recently with BOI DG Sanjaya Mohottala as chief guest. The event was attended by a large number of investors, government officials and the senior BOI officials, the BOI announced.
Mohottala said on this occasion that “our biggest challenge is to maintain the GDP rate at 6% for the next 10 years with the BOI charged with the responsibility of uplifting the economy and attracting Foreign Direct Investment.
“We need to provide necessary infrastructure facilities and a healthy investment climate with a more proactive rather than reactive role,” he said.
He announced that steps are being taken to develop thrust sectors for investment such as pharmaceuticals, agricultural processing, ICT, aquaculture and rubber etc. Also the BOI was responsible for providing investors with an efficient service.
Horana Export processing Zone was established in 1999 on 390 acres of which 181 acres is industrial land. The infrastructure provided include water, processing of waste water and electricity, making the zome attractive to investors.
Zone companies have generated 3,375 direct employment opportunities and twice that number of indirect jobs with total export revenue of Rs 8.6 billion earned in 2019.
There are 21 enterprises in commercial operation at the Horana EPZ involved in the manufacture of apparel & accessories, food, wooden products, consumer goods, steel, aluminum and plastic products.
GPV Lanka awarded SLS 1672: 2020 COVID-19 Safety Management System
GPV Lanka (Pvt) Ltd., recently received the Certificate of Conformity – SLS 1672:2020 COVID -19 Safety Management System from the Sri Lanka Standards Institution (SLSI).
This confirms the company’s unparalleled commitment towards ensuring health and safety measures among its workforce and all stakeholders engaged in its day-to-day operations.
Preparations to face the pandemic’s consequences within a short time is a noteworthy aspect of the organisation. Furthermore, this qualification will support to keep production geared up to serve overseas customers with minimum hindrance.
GPV Lanka (Pvt) Ltd., has become the first Sri Lankan Company into electronics manufacturing to receive this certification. GPV was founded in Denmark in 1961 and is today one of Europe’s leading electronics manufacturers. GPV is a global EMS-partner providing complex electronics, cable-harness, mechatronics and box-build solutions including design and engineering activities to customers worldwide within high mix/low-medium volume.
GPV generates a revenue at about USD 460 million with around 3,700 employees and has production sites across Europe, Asia and the Americas.
GPV Lanka (Pvt.) Ltd has been in the industry in Sri Lanka for more than 30 years and today it has 1,022 employees including 45 electronic engineers with a state-of-the-art manufacturing facility.
Lankan company offers Chinese language services
In a global climate where China has established its standing as the second largest and fastest growing economy in the world, the extent of the country’s scale and integration has meant that proficiency in Chinese has become a coveted asset.
Hàny? Services -a Sri Lanka-based Chinese content creation, translation, and interpretation company- has launched with a wide portfolio of professional Chinese language services to fulfil the growing interest in investing in this highly lucrative market.
“The company, with its vast global network of qualified Chinese linguists, delivers translation service excellence for any industry, where content is produced such that the client’s brand message is effectively conveyed without the loss of style, tone or context. The language service provider’s scope of services in this regard include document and website translations, interpretation, proofreading, voice-over services, and video subtitling, the SL company said in a news release.
“Additionally, clients of Hàny? Services stand to gain a strong competitive advantage in their respective sectors by having tailor-made content created that will best target the Chinese market accurately, ensuring that every message communicated is localized persuasively.”
The company’s team of seasoned Mandarin translators and writers are experienced in Chinese content writing, creation of localized marketing collateral, website localization and translation, and video creation, helping businesses find their distinctive voice and share their brand story through exceptional content, the release said.
The service also offers greater insight into Chinese business culture and etiquette, a vital asset for those looking to do business with or in China. Here too, Hàny? Services offers training on Chinese business language and culture that will help earn clients’ trust through the ability to communicate and negotiate better; paving the way for more successful agreements and business deals, it added.
Recently the agency launched Sri Lanka’s first ‘Mandarin Corner’ -an interactive initiative to encourage Lankans from across the island to learn, practise, and network in Mandarin with native speakers, students, and others. communication overall, the release said.
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