By Hiran H.Senewiratne
CSE market activities were bullish at the beginning and surpassed the 7500 level but during the latter part of the day the bourse witnessed profit-taking, especially in the banking sector counters. This resulted in slowing down market activities yesterday, stock market analysts said. Investor favourite counters, especially manufacturing sector counters, were still in high demand yesterday.
Both CSE indices moved upwards. The All Share Price Index moved up by 45.81 points and S and P SL20 went up by 19.41 points. Turnover stood at Rs. 3.6 billion with four crossings. Those crossings were reported in JKH, which crossed two million shares to the tune of Rs. 298.8 million, its shares traded at Rs. 150, Hayleys 300,000 shares crossed for Rs. 22.9 million, its shares traded at Rs. 76.50, Piramal Glass two million shares crossed for Rs. 22.4 million, its shares traded at Rs. 11.20 and HNB 156,000 shares crossed for Rs. 20.62 million, its shares trading at Rs. 132.25 each.
In the retail market, companies that mainly contributed to the turnover were; Browns Investment Rs. 645.9 million (105.5 million shares traded), Dipped Products Rs. 246 million (4.3 million shares traded), Expolanka Rs. 242.8 million (4.8 million shares traded), Hayleys Rs. 234 million (three million shares traded), LOLC Rs. 214 million (645,000 shares traded) and JKH Rs. 204 million (1.3 million shares traded).
During the day 169.24 million share volumes changed hands in 25449 transactions.
The depreciation of the rupee persisted, with yesterday’s $ exchange rate crossing the Rs. 203 mark.On March 31, the rate was Rs. 202.04. The buying rate of telegraphic transfers was Rs. 199.21. USD/LKR rate on the more active one-week forward contracts was seen closing the day at levels of Rs. 201.00/202.50 yesterday against its previous day’s closing level of Rs. 201.50/202.50. This had created some pressure on certain listed companies, market analysts said.
Hemas Hospitals launches ‘Deewara Diri Savi’ to support fishing community
The donation programme was coordinated with the support of the Rev. Fr. Ajith Kamal, Parish Priest of Our Lady of Mt. Carmel Church in Palliyawatta, who spearheaded the coordination on behalf of the fishing community in the Palliyawatta, Dikowita and Awarakotuwa areas.
Hemas Hospitals launches the ‘Deewara Diri Savi’ mega donation drive to support and empower the fishing community along the Western Coast of the country, whose livelihoods were gravely impacted by the marine destruction caused by the X-Press Pearl ship disaster.
Under ‘Deewara Diri Savi’, Hemas Hospitals will oversee the donation of complete dry ration packs to 818 families in the Wattala fishing community, who have now lost their sole source of income for survival and is undergoing extreme distress due to the implications caused by COVID-19 pandemic together with the fishing ban imposed due to the X-Press Pearl disaster. Further, Hemas Hospitals Wattala is also offering free OPD consultation services to these families to ensure that their wellbeing and access to healthcare is secure and continued during this period.
“Our mission, values and corporate culture guide our actions as we strive hard to deliver on the promise of making healthful living happen to communities across the nation. ‘Deewara Diri Savi’ was founded upon this ethos as we care for, uplift and empower Sri Lanka’s fishing community struggling to make ends meet due to the mass implications and destruction caused to our marine resources with the X-Press Pearl disaster. As a responsible healthcare leader, we will continue to invest our resources and take swift action in supporting this community who add so much to our economy as they transition through this deeply difficult, critical time,” Hemas Hospitals and Laboratories Managing Director and President, Association of Private Hospitals and Nursing Homes Dr. Lakith Peiris stated.
Looming challenges contribute to subdued trading activity at CSE
By Hiran H.Senewiratne
Share trading activity at the Colombo Stock Exchange (CSE) was negative yesterday as investors were in a state of uncertainty due to the glaring economic woes of the country. The recent fuel price hike, the worries over possible deprivation of the European Union’s GSP Plus trade facility as well as declining foreign exchange reserves put the local and foreign investors in an indecisive mood, stock market analysts said.
The fuel price hike is likely to increase inflationary pressure especially in the manufacturing sector. This would adversely reflect on manufacturing sector counters in the stock market. Further the sovereign bond repayment amounting to US $ one billion in July 2021 with existing reserves just above US $ four billion could worsen the economic crisis to a great extent, stock market analysts said.
Reportedly the Central Bank has informed the Ministry of Finance that due to the Rs 600 billion in loans to the Petroleum Corporation there is risk to the entire banking system being destabilized and collapsing, In such a context, the banking sector counters did not perform positively yesterday, stock market analysts said. The CPC itself has about Rs 390 billion in accumulated losses.
Amid those developments both indices moved downwards. All Share Price Index was down by 28.02 points and S&P SL20 down by 11.43 points.Turnover stood at Rs 1.36 billion with a single crossing. The crossing took place in People’s Leasing, which crossed two million shares to the tune of Rs 26 million and its share price traded at Rs 13.
In the retail market top five companies that mainly contributed to the turnover were LOLC Rs 156.8 million (406,000 shares traded), Royal Ceramic Rs 105 million Rs 105 million (2.78 million shares traded), Lanka IOC Rs 104.1 million (4.56 million shares traded), Hayleys Rs 76.1 million (one million shares traded) and Hayleys Fabrics Rs 51.6 million (2.85 million shares traded).
With the fuel price hike, Lanka IOC share price positively reflected in the stock market. Its share appreciated by 12 percent or Rs 2.40. Lanka-IOC share price started trading at Rs 20.60 and at the end of the day it moved up to Rs 23. During the 68.98 million share volumes changed hands in 18263 transactions.
Standard Chartered helps fast-track COVID-19 vaccination efforts in Sri Lanka
Standard Chartered Sri Lanka has successfully financed the import of 4 million COVID-19 vaccine doses for the State Pharmaceuticals Corporation by facilitating a trade loan to the Bank of Ceylon and People’s Bank, the Bank announced recently.
In efforts to expedite the nation’s vaccination programme during the latest wave of the COVID-19 pandemic, Standard Chartered worked closely with the two leading state-owned banks to facilitate prompt and efficient trade financing solutions to help accelerate the invoice processing and payments to purchase the vaccines.
“Across the globe, Standard Chartered has been in the forefront to help local communities to fight the coronavirus pandemic so that the world can look forward to a better tomorrow. When the first wave hit Sri Lanka last year, Standard Chartered made a much-needed donation of USD500,000 to the Sri Lanka Red Cross Society to support emergency relief activities island-wide. This trade loan is a continuation of the Bank’s efforts to help the citizens of Sri Lanka overcome the pandemic and is a testament of Standard Chartered’s ‘here for good’ promise,” said Bingumal Thewarathanthri, Chief Executive Officer, Standard Chartered Sri Lanka.
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