Connect with us

Business

Macroeconomic arena developments boost share market

Published

on

By Hiran H.Senewiratne

The CSE turned negative yesterday due to profit- takings but during the last session the market showed some recovery on account of some stability in the macro- economic arena and on the political front in the country, stock market analysts said.

Developments in favour of the market were: A UK trade arrangement in favour of Sri Lanka, USAID assistance to David Pieris Company to introduce electric three wheelers instead of fuel- driven vehicles for the local market and approval for setting up two wind power projects in the North by the Adani Group by way of foreign direct investments. These initiatives created some confidence among stock market investors, market analysts said.

Sri Lanka shares slipped over 2 per cent for the second consecutive session, pushed down by retail shares LOLC, Hayleys and Expolanka on profit- taking. Both indices moved downwards. All- Share Price Index declined by 178.89 points (1.9 per cent) to end at 8907.35 and S and P SL20 declined by 56.92 points (1.87 per cent) to end the day at 2980.67.

Turnover stood at Rs 3.7 billion with two crossings. Those two crossings were reported in Citizens Development Business Finance, which crossed 1.1 million shares to the tune of Rs 220 million, its shares traded at Rs. 200 and JKH, 500,000 shares crossed to the tune of Rs 64 million; its shares traded at Rs 128.

In the retail market, top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 1 billion (5.7 million shares traded), Expolanka Holdings Rs 410 million (1.9 million shares traded), Browns Investments Rs 263 million (32 million shares traded), Agstar Rs 195 million (15.5 million shares traded), LOLC Holdings Rs 103 million (178,000 shares traded), Hayleys Rs 102 million (965,000 shares traded), and ACL Cables Rs 98 (1.3 million shares traded). During the day 129 million share volumes changed hands in 33000 share transactions.

.It said counters such as Expolanka Holdings, Browns Investments, LOLC and Hayleys, which have seen significant interest recently, closed lower following the session. Turnover remained strong, supported by retail and Hela Apparel activity. Lanka IOC and Expolanka accounted for a sizable portion of volumes (40.9% of turnover), however activity remained more broad- based as seen over previous sessions.

It is said that high net worth and institutional investor participation was noted in Hunas Holdings, Hela Apparel Holdings and JKH. Mixed interest was observed in Lanka IOC, Expolanka Holdings and ACL Cables, while retail interest was noted in Browns Investments, SMB Leasing and EML Consultants.

Energy sector was the top contributor to the market turnover (due to Lanka IOC), while the sector index gained 6.20 per cent. The share price of Lanka IOC increased by Rs 11.50 (6.88%) to close at Rs. 178.75.

The Capital Goods sector was the second highest contributor to the market turnover (due to ACL Cables) while the sector index decreased by 0.47 per cent. The share price of ACL Cables recorded a gain of Rs 9.80 (14.50 per cent) to close at Rs. 77.40.

Yesterday the Central Bank’s US dollar buying rate was Rs 357.31 and the selling rate Rs 368.68.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Norlanka Manufacturing Trincomalee receives LEED Gold Certification

Published

on

Norlanka Manufacturing Trincomalee was recently awarded the prestigious LEED Gold Certification (Leadership in Energy and Environmental Design).Norlanka, one of Sri Lanka’s largest sustainable exporters of baby and kidswear, has an extensive ESG (Environmental/Social/Governance) strategy and understands the responsibility it has concerning the future of a sustainable apparel industry. Therefore, ethical sourcing, in particular working with responsible supply chain partners has been a critical operational necessity.

The LEED certification is a globally recognized symbol of sustainability achievement, and it is backed by an entire industry of committed organizations and individuals paving the way for market transformation. It’s awarded for projects that have earned points by adhering to prerequisites and credits that address carbon, energy, water, waste, transportation, materials, health and indoor environmental quality. Buildings consume energy and resources at an alarming rate, therefore the LEED rating system is the most widely used green building rating system, as it provides a framework for healthy, efficient, carbon and cost-saving green buildings.

LEED takes multiple areas into account with varying sub-criteria when certifying a building such as location, transportation, sustainability of the site, construction, water efficiency, energy and atmosphere, materials and resource, waste management, indoor environment quality, innovations and more.

Chief Innovation Officer of Norlanka, Buddhi Paranamana stated, “This LEED Gold certification is a testament to our constant drive to improve our sustainability efforts. This award marks yet another milestone in Norlanka’s journey towards becoming carbon neutral by 2025. Since 2010 we’ve constantly been learning how to do things in a more sustainable way. I would like to congratulate our team for obtaining this certification. It showcases dedication towards achieving sustainable excellence while achieving our goals and providing customers with high-quality products.”

Continue Reading

Business

People’s Bank celebrates 75 years of Independence by offering gifts to newborns

Published

on

People’s Bank celebrated Sri Lanka’s 75thNational Independence at a modest ceremony held at their Head Office which was followed by a series of island wide initiatives.People’s Bank’s ‘Birth of Freedom’ programme which commences on every Independence Day was carried out this year as well. Under this concept, People’s Bank gifts Rs.2,000/- worth of an ‘IsuruUdana’ Gift Certificate to every baby born between the 1st and 14th of February.

People’s Bank launched this programme in 2006 with the vision of instilling national pride and encouraging parents to plan for their children’s future. Parents can open an ‘Isuru Udana’ Children’s Savings Account at any People’s Bank Branch using the Gift Certificate.

Director of the Castle Street Maternity Hospital Dr. Ajith Danthanarayana, Director of De Soysa Hospital for Women in Borella Dr. Pradeep Wijesinghe, People’s Bank Senior Deputy General Manager (TB & OCS) Rohan Pathirage, Deputy General Manager (Retail Banking) Renuka Jayasinghe, Deputy General Manager (Strategic Planning, Performance Management & Research) Jayanthi Kurukulasooriya, Deputy General Manager (Risk Management) Roshini Wijerathna, Deputy General Manager (Banking Support Services) Nipunika Wijayaratne, Deputy General Manager (Channel Management) T.M.W Chandrakumara, Head of Marketing Nalaka Wijayawardana, Assistant General Manager (Retail Banking) Nalin Pathiranage, Assistant General Manager (Human Resources) Manjula Dissanayake, Colombo North Regional Manager S.L.M.A.S Samarathunga, Colombo South Regional Manager M.S Kanakka Hewage, Borella Branch Manager W.A.N Udayangani, Town Hall Branch Manager Tiral Pradeep, Deputy Director of De Soysa Hospital for Women in Borella, Dr. K.M Nihal, Administrative Officer of Castle Street Hospital for Women S.M.T.A.R. Bandara, Nursing officers along with hospital staff were also present at the event.In line with the above all People’s Bank branches across the country initiated ‘Nidahase Upatha’ activities island wide.

Continue Reading

Business

SL bondholders ready for debt restructuring talks with authorities– with conditions

Published

on

Sri Lanka’s bondholders have told the International Monetary Fund (IMF) that they are prepared to engage with Sri Lankan authorities in debt restructuring talks consistent with the parameters of the global lender’s program.The Ad Hoc Group of Sri Lanka bondholders conveyed its stance in a letter directed to IMF Managing Director Kristalina Georgieva on Friday (Feb. 03).

“The Bondholder Group through its Steering Committee stands ready to engage quickly and effectively with the Sri Lankan authorities to design and implement restructuring terms that would help Sri Lanka restore debt sustainability and allow the country to re-gain access to the international capital markets during the IMF Programme period.”

The Bondholder Group acknowledged the Sri Lankan authorities’ engagement with their official creditors towards a resolution of the current crisis and restoration of debt sustainability.

The Bondholder Group further acknowledged that such engagement has recently resulted in the Indian government delivering letters of financing assurances to the IMF, committing to support Sri Lanka and contribute to its efforts to restore debt sustainability by providing debt relief and financing consistent with the IMF Extended Fund Facility Arrangement and the IMF Programme targets indicated in the India’s letter to the global lender.

Sri Lanka Bondholder Group Letter to IMF stated:

Based on the limited information available to us at this time, including information contained in the India Letter, we understand that the IMF Programme’s debt sustainability targets are identified as (i) reducing the ratio of public debt to GDP to 95% by 2032, (ii) limiting the central government’s annual gross financing needs to GDP ratio to 13% in the period between 2027 and 2032, and central government annual foreign currency debt service at 4.5% of GDP in every year between 2027 and 2032 and (iii) closing of the external financing gap.

The Bondholder Group hereby confirms it is prepared to engage, through its Steering Committee, with the Sri Lankan authorities in restructuring negotiations consistent with the parameters of an IMF Programme and the targets specified therein (the “IMF Programme Targets”), which the Bondholder Group understands to be the targets identified in the India Letter; it being recognized that these negotiations will necessarily be further informed by the receipt of the forthcoming DSA. We would note that the finalization of an agreement will also be subject to the satisfaction of the following conditions:

The central government’s domestic debt – defined as debt governed by local law – is reorganized in a manner that both ensures debt sustainability and safeguards financial stability. Assuming that annual gross financing needs should not exceed 13% of GDP in the period between 2027 and 2032, whilst allowing for central government annual foreign currency debt service to reach 4.5% of GDP in every year between 2027 and 2032, domestic gross financing should therefore be limited at 8.5% of GDP for the period 2027-2032.

Continue Reading

Trending