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Low bank interest rates encouraging people to invest in bourse – top CSE official

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By Hiran H.Senewiratne 

Low bank interest rates  are encouraging people to invest in the CSE. This has resulted in a boom in the market, a top CSE official said.

“Today, the total bank deposit amounts to Rs. 10 trillion and most people are looking at investing their funds in high yielding avenues because bank interest rates are around four to five percent. Therefore, investing in the CSE has become the best option, CSE – Head-Market Development Niroshan Wijesundara told The Island Financial Review.

He said people have changed their investment options to the CSE. Owing to that when compared to 2019 in 2020 investor participation has increased  by 51 percent. Further, most stocks are undervalued and the people are taking that advantage as well, Wijesundara said.

According to Wijesundera market capitalisation at the CSE  from 1st to  21 January touched Rs. 3699.7 billion. ‘It is a clear indication that there is a big boom in the market, he said.

Amid those developments, the All Share Price Index increased by 230.92 points to 8694.35 yesterday while  S and P SL20 increased by 207.12 or 625 percent to 3519.47. The turnover stood at Rs. 14.99 billion with ten crossings. Those crossings were reported in TJ Lanka, where 4.8 million shares crossed for Rs. 214 million, its shares traded at Rs. 45, HNB (Non Voting)  1.4 million shares crossed for Rs. 172 million and its shares traded at Rs. 125, Commercial Bank 1.1 million shares crossed for Rs. 109 million, its shares traded at Rs. 103, JKH 615,000 shares crossed for Rs. 105.2 million and HNB (Voting) 406 million shares crossed for Rs. 58.9 million and its shares traded at Rs. 145.

Meanwhile, Ceylon Cold Stores 43,400 shares crossed for Rs. 31.5 million, its shares traded at Rs. 725, Lion Brewery 45000 shares crossed for Rs. 26.6 million, its shares trading at Rs. 590, Sampath Bank161,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 165, Hayleys 26000 shares crossed for Rs. 20.8 million, its shares trading at Rs. 800 and Expolanka 350,000 shares crossed for Rs. 20.5 million, its shares fetching Rs. 58.50.

In the retail market top five contributors to the turnover were;  Expolanka Rs. 1.8 billion (29.9 million shares traded). LOLC Rs. 1.64 billion (4.3 million shares traded), JKH Rs. 1.13 billion (6.3 million shares traded), Dipped Products Rs. 887 million (1.4 million shares traded) and Industrial Asphalts Rs. 710 million ( 635 million shares traded). During the day  996 million share volumes changed hands in 67878 transactions.

During the day banking sector counters noted significant appreciation of their stocks and several index heavy companies such as, JKH, Dipped Products and Melstacorp showed significant appreciation in their stocks.

Sri Lanka’s rupee quoted firmer around 196.50/198 to the US dollar in spot next market on Monday while bond yields remained unchanged, dealers said. Rupee last closed around 197/200 in the spot-next market on Friday against the greenback with deals done around 198 levels, market participants said. There were spot interventions at 195.50 levels. 

 



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Moose Clothing Company wins award at SLIM Brand Excellence 2020

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Hasib Omar, Executive Director/CEO at Moose Clothing Company (second left) with the company’s Head of Sales and Marketing Stefan Schumacher, Head of Supply Chain Vinu Basnayake and Senior Manager Finance Nadeesha Gunawardana.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as a versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Commenting on their marvellous achievement, Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. At Moose we believe that each customer is unique and our clothing is tailored to match that uniqueness. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play. 

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CSE bounces back; indices pick-up but turnover low

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By Hiran H.Senewiratne 

CSE activities bounced back  yesterday following a continued decline in its activities on  previous days.  But the market registered low turnover, fuelling investor concerns, stock market analysts said.

Both CSE indices moved upwards. The All Share Price Index went up by  76. 69 points and S and P SL20 rose by 39.03 points. Turnover stood at Rs. 2.07 billion without a crossing.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs. 188 million (4.2 million shares traded), LOLC Holdings Rs. 158.6 million (526,000 shares traded), Sampath Bank Rs. 155 million (one million shares traded), JKH Rs. 145 million (975,000 shares traded) and  Dipped Products Rs. 118 million (2.8 million shares traded). During the day 76.96 million share volumes changed hands in 18746 transactions.

Sri Lanka’s rupee quoted flat at 196.00/197.00 levels to the US dollar in the one-week forwards market on Friday while bond yields remained steady, dealers said. The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Thursday.

Sri Lanka expects the GDP to grow between 3.0 to 3.5 per cent in the first quarter of 2021 with the rapid vaccination campaign rolled out giving people more confidence.

 

 

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AIA Insurance congratulates Sri Lanka’s Most Admired Companies

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AIA Insurance congratulates the winners of Sri Lanka’s Most Admired Companies 2020, for being recognized not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority and sustainable growth, creating excellent business performance. This was the third consecutive year that AIA was the Platinum Sponsor of the Awards, organized by the International Chamber of Commerce Sri Lanka (ICCSL) and other affiliated sponsors.

AIA CEO Nikhil Advani commented, “As part of Asia’s leading insurer and Sri Lanka’s Best Life Insurance Company for the 2nd consecutive year (awarded by the Global Banking and Finance Review) AIA’s core philosophy is doing the Right Thing, in the Right Way and with the Right People. We take pride in being associated with this event, which recognizes business excellence and ethics- essentially doing the right thing, the right way for the right results. We place honesty and integrity in the highest esteem and are delighted to celebrate reputed companies that share our values in generating value for their shareholders, customers and the community.”

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