By Hiran H.Senewiratne
Share price increases of low valued stocks were a highligh of CSE trading yesterday, market analysts said.
It is said that HNB Finance, which featured one of the smallest Initial Public Offerings (IPO) in February this year, witnessed more than a 75 percent share price increase, thus adding 21 index points to the All Share Price Index. According to stock-brokers, when the HNB Finance shares started trading, it stood at Rs. 8.80 and at the end of the day it shot up to Rs. 15.50, which was a Rs. 6.60 or 75 percent increase.
At the IPO in February it is said that the number of issued shares reported 10 million at Rs. 5.70 per share. However, during the day more than 1.9 million shares or close to 20 percent traded, which was an unusual occurrence, brokers said.
Further, there was a significant price increase in the stocks of several low valued companies, including Pan Asia Power, Mackwoods Energy, Laugfs Power, Vallibal Power Erathna, Vidula Lanka, Lotus Power, National Lanka Finance and many more. These listed companies’ share prices noticeably increased and traded well. Those companies’ share prices are all below Rs. 10, market analysts said.
Amid those developments profit taking was noted since it is near to the month end and both indices showed mixed reactions. All Share Price Index was up by 18.23 points and S and P SL20 went down by 16.06 points. The slight drop in the banking sector resulted in indicating a downward trend in S and P SL20, market sources said.
Yesterday, turnover stood at Rs. 2.53 billion with three crossings. Those crossings were reported in JKH, which crossed 540,000 shares to the tune of Rs. 73.44 million; its share price traded at Rs. 136, HNB 250,000 shares crossed for Rs. 32 million, its share price traded at Rs. 128 and Sampath Bank 150,000 shares crossed for Rs. 20.3 million, its share trading at Rs. 135.
In the retail market top five companies that mainly contributed to the day’s turnover were, Kelani Tyre Rs. 151.5 million (91.9 million shares traded), Royal Ceramic Rs. 130 million (1.15 million shares traded), Hemas Holdings Rs118.3 million (1.68 million shares traded), Expolanka Rs. 112.6 million (11.8 million shares traded) and Richard Pieris Holdings Rs. 93.2 million (6.2 million shares traded). During the day 134.2 million share volumes changed hands in 26024 transactions. Sanasa Development Bank is going for a right issue, which was conveyed to the CSE yesterday
On the previous day, Hayleys PLC dominated turnover at the CSE with 2 million of its shares trading for Rs. 467.3 million, accounting for 13 percent of the total. Finco had bought the shares (amounting to a 2.6 percent stake) done via two crossings at Rs. 230 per share.
New look Chagall opens at Park Street
Chagall opened its doors at Parkland on Park Street Colombo 2 , with Gerald Solomons, personally welcoming all his clients and the media to the brand new Chagall.
Gerald who established Chagall as Sri Lanka’s most elite and fashionable salon, despite the prevailing situation with the pandemic and the existing restrictions, displayed his usual flair and panache, greeting everyone with the socially correct ‘ayubowan’ and ensuring that each and everyone present was made to feel special and welcome.Continuing the bold colour scheme of red, black and white, Gerald like his muse Marc Chagall, has a wide range of styles that can cater to an eclectic clientele.
The artist Chagall saw his work as “not the dream of one people but of all humanity”; similarly Gerald through his salon Chagall would like to transform each and every person who walks in through his door, so that they leave transformed, with a new confidence in themselves and their appearance.
Mrs World Caroline Jurie, clients and well wishers, keeping in mind health guidelines made their way to Chagall at Parkland on October 20 where Gerald and his team reaffirmed their commitment to their clients and the beauty industry, to continue upholding the highest standards and maintain all safety measures and health protocols.
Having established himself and Chagall as the hairdresser / stylist and salon of the elite, Gerald’s doors are open to anyone who wants to look good and different to those around them. ” Our doors are open to everyone who wants to look good, who wants to make a statement and who dares to bedifferent” said Gerald .Manicures, pedicures, long and short hair cuts and styles, make up, facials,bridal dressing, sari drapes and the whole gamut of services will beavailable, all in brand new surroundings.All staff have undergone intensive refresher courses with Gerald beinginvolved in their training himself.
Known for his cool demeanor and eclectic style, Gerald started hairdressing at the age of 15 having left school, determined to make an impression in the world of hair, beauty and style! He joined Moira Muthukrishna where hiscareer in hair dressing began and today he is a living legend. Chagall was set up in New Zealand where Gerald lived for over 20 years and then moved back to Sydney where Chagall continued. Gerald has also worked in Hawaii, Australia and London.Chagall.
CSE indices pick up as trading yields Rs. 1.09 billion
By Hiran H.Senewiratne
The stock market on Monday suffered a near 2 percent decline as investors reacted negatively to the sharp spike in COVID-19 cases in the second wave. Moreover, current investor favourite counters, Tokyo Cement and Expolanka shares, also slightly declined in trading due to the current situation, market analysts said Amid those developments, both indices moved upwards yesterday. The the All Share Price Index rose by 15.74 points and the S&P SL 20 Index was up by 8.73 points. The market managed to post Rs. 1.09 billion, safeguarding its track record of over a billion plus turnover for more than a month. But no crossings were reported during the day.
In the retail market, top five companies that mainly contributed to the turnover were: Tokyo Cement (Non Voting) Rs. 160 million (3.2 million shares traded), Expolanka Rs. 187.6 million (7.8 million shares traded), HNB Rs. 99.8 million (881,000 shares traded), Tokyo (Voting) Rs. 86.7 million (1.47 million shares traded) and Dialog Rs. 69.5 million (6.34 million shares traded). During the day 55.3 million share volumes changed hands in 12620 transactions yesterday.
The market also lost Rs. 44 billion in value with blue chips JKH, Carsons, Ceylon Tobacco, Bukit and Distilleries as major contributors to the ASPI’s dip on the previous day. Some analysts linked the lacklustre trading and sentiment to the quarantine curfew imposed in Fort and Pettah which caused a shutdown of offices and businesses in the area.
Initiative to support startups in Sri Lanka
Microsoft for Startups recently launched the Highway to a 100 Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where only 56 startups were selected to the Emerge X program from six states, which have over 15000+ startups. The Emerge X winners have greatly benefited with global market access support, a 3-day founder bootcamp with world class mentors, access to funding, ongoing mentorship, and guidance on Azure, artificial intelligence, machine learning and more.
Innovation is critical to unlocking inclusive economic growth in Asia Pacific; high income economies in the region invest three times more in research and development as compared to their peers. To spur innovative entrepreneurship, Microsoft will work closely with governments and industry partners to discover and nurture technology startups with a high potential to become truly global enterprises in the future.
“At Microsoft, we are working to build up a more supportive ecosystem for startups in Sri Lanka,” said Hasitha Abeywardena, Country Manager, Microsoft Sri Lanka and Maldives. “Startups play a vital role in our economy as innovators, disruptors and first-movers. Sri Lanka needs more entrepreneurial development to fuel economic growth. Through Highway to a 100 Unicorns, we will enable startups in Sri Lanka to drive digital innovation in the region. We look forward to walking with founders along their growth journey and supporting them to scale and achieve more.”
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