By Hiran H.Senewiratne
Asiri Hospital Holdings’ shares appreciated by five per cent yesterday following news of the launching of a US $ 100 million hospital project within the Port City Colombo premises by the company, market analysts said.
The Softlogic Group said a lease agreement was entered into for a hospital with a “500 plus bed capacity, with an estimated investment of US $ 100 million” within Port City, in line with the master plan of Colombo’s China- backed Port City Economic Commission.
“The proposed hospital will be one of the four main strategic and large-scale social infrastructure development projects identified within PCC, sources said.
Meanwhile, Blue Diamonds Jewellery Worldwide PLC (BDJW), the only listed jewellery company at the CSE, has been able to lift the suspension on the trading of its shares after showing positive revenue growth and reduced losses for the nine-month period ending on December 31, 2022.
The CSE said the trading suspension imposed on Blue Diamonds has been lifted as the company has resolved the Emphasis of Matter on Going Concern in the Independent Auditors Report.
Amid those developments, the CSE indicated dull sentiments yesterday due to the festive season. Both indices, the turnover level and investor participation did not reach satisfactory levels. Therefore, shares edged- down in mid- day trade , with stable levels of turnover generated through selling pressures as the market continues amid fears of domestic debt restructuring, an analyst said.
Both indices were down. The All- Share Price Index went down by 60.37 points and S and P SL20 declined by 23.55 points. Turnover stood at Rs 1.14 billion with one crossing. The crossing was reported in JKH, which crossed 430,000 shares to the tune of Rs 58.1 million; its shares traded at Rs 135.
In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 230 million (1.3 million shares traded), Dialog Rs 130.6 million (12.2 million shares traded), JKH Rs 79.6 million (589,000 shares traded), Tokyo Cement (Non- Voting) Rs 65.3 million (1.3 million shares traded), Aitken Spence Rs 63.3 million (487,000 shares traded), Browns Investments Rs 34 million (5.6 million shares traded) and Tokyo Cement (Voting) Rs 31.1 million (616,000 shares traded), During the day 58.4 million share volumes changed hands in 13000 transactions.
“Banks are declining in value, scrip dividends and new shares are being listed, prices are being readjusted down, which is why the counter is running on a decline, an analyst said.
It is said that high net worth and institutional investor participation was noted in JKH and Lanka IOC. Mixed interest was observed in Dialog Axiata, Expolanka Holdings and Asiri Hospital Holdings, while retail interest was noted in Browns Investments, Marawila Resorts (rights) and SMB Leasing non-voting.
The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), while the sector index gained 6.38 per cent. The share price of Expolanka Holdings increased by Rs. 10.50 (6.39 per cent) to Rs. 174.75.
The Capital Goods sector was the second highest contributor to the market turnover (due to JKH and Aitken Spence) while the sector index decreased by 0.62 per cent. The share price of JKH lost Rs. 2.25 to register Rs. 135.25. The share price of Aitken Spence recorded a gain of Rs. 1.75 to reach Rs. 129.75.
Yesterday the Central Bank’s US dollar buying rate was Rs 312.41 and the selling rate Rs 327.46.
Eco Tablet completes four years in Sri Lankan market
Eco Tablet, a successful solution to fuel standardisation with the use of nanotechnology, completes four years in the Sri Lankan market. Eco Tablet, which was introduced to the Sri Lankan market in 2019, has gained the trust of customers from all parts of the country, and has had a successful journey to date. Made with a combination of nano technology and organic ingredients, Eco Tablet is the world’s number one fuel booster. It can be bought under the name of ‘Eco Racing’ for petrol vehicles and under the name of ‘Eco Diesel’ for diesel vehicles. Eco Racing increases the octane value of petrol by five to ten while Eco Diesel increases the cetane value by two to five times.
Eco Tablet (www.ecotablet.lk) has the ability to properly standardise fuel in accordance with quality certifications awarded by American Society for Testing and Materials (ASTM), the only fuel standards organisation in the world. The fuel, which can be turned into ASTM condition by using Eco Tablet, is fully combusted in the engine and results in maximum fuel efficiency.
DIMO continues to lead as one of Sri Lanka’s premier workplaces
DIMO’s recent remarkable 11-year winning streak as a Top Great Place to Work in Sri Lanka under the Large-size Workplace Category and recognition as one of Asia’s Top 100 Workplaces by GPTW, are clear testaments to the strength of its employee value proposition, “making work enjoyable and rewarding.”
Executive Director and Chief Human Resources Officer of DIMO Dilrukshi Kurukulasuriya said that maintaining such a winning streak requires more than just good HR practices, it necessitates a strategic approach to employee satisfaction and engagement while turning the company’s employee value proposition into a reality.
The company’s employees are the cornerstone of this achievement, and their testimonials on different aspects of the work culture reflect the vibrant work environment and the deep sense of belonging within the DIMO tribe.
Rakhita Gunasekera, Chief Operating Officer (Chemical Solutions) at DIMO, emphasized a ‘Great Place to Work’ as an environment that encourages people to give their best without compromising on values. “This leads to cohesive growth. DIMO is such a place”, he added.
Ravinesh Senaratne, Deputy General Manager – Marketing (Retail), who began his career as a Management Trainee at DIMO said, “DIMO didn’t just hire me, it invested in me and entrusted me with diverse brands, products, and services from Mobility to Retail Sectors. The organization always assists me to reach the next level of growth while facilitating my career elevation.”
Current IMF negotiation process not tailored to address countries in crisis. President
Urges global leaders to make debt restructuring less complex and more effective
Advocates increase in concessional financing through multilateral development banks
Delivering the opening speech at the Head of State Dialogue at the Berlin Global Conference on September 28, President Ranil Wickremesinghe expressed the need for a comprehensive dialogue between Western nations and China, the United States of America and China and the European Union and China, as a critical component of a robust international plan capable of addressing the global challenges anticipated in 2024.
The President also highlighted that initiatives such as the ‘Belt and Road’ have led to increased scrutiny of countries like Sri Lanka, potentially impacting the economic prospects of nations in the Global South. Nevertheless, he emphasized that Sri Lanka has a history of engaging with countries like the United States, India, and China, making such interactions a familiar and essential part of international relations.
He also expressed gratitude for the support received from India and Bangladesh in addressing Sri Lanka’s recent economic challenges. He underlined the contrast between advanced economies, which possess buffers and reserves to weather these shocks, and developing nations that lack such resources. He emphasized that this disparity was the starting point for the sovereign debt crisis.
The President cautioned that without immediate corrective measures, the world could be on the brink of another crisis. He acknowledged that many developing countries are burdened with substantial debt, highlighting the inadequacy of existing mechanisms like the IMF to address this new situation. He shared Sri Lanka’s experience when declaring bankruptcy, which led to a halt in foreign funding and triggered a political crisis.
President Wickremesinghe praised Germany for its significant contribution to the Green Climate Fund, which has been instrumental in addressing climate change mitigation and debt restructuring challenges. However, he stressed that the current funding available is insufficient to meet the immense challenges.
The President called for utilizing the $100 billion with the IMF as a starting point, emphasizing that it is better than having no funds at all. He noted that the financing needs for climate prosperity and clean energy technology to achieve net-zero emissions are substantial, even for countries facing economic hardships.
He stressed the urgency of global coordination and leadership to resolve these challenges, which have not been sufficient to address their magnitude. He highlighted the need for a new international financial architecture to replace the existing one, designed nearly 80 years ago. The President urged ambitious action to reform the international financial architecture, making debt restructuring less complex and more effective.
He advocated for a significant increase in concessional financing through multilateral development banks, emphasizing the importance of broader accessibility, even for middle-income nations facing economic vulnerabilities. The president pointed out that the current IMF negotiation process is not tailored to address countries in crisis.
He urged for a comprehensive dialogue between Western countries, China, and other key global players. He emphasized that 2024 is the year to act, given the reduced leadership capacity of the United States due to its impending elections.
President to honour senior journalist Edmond Ranasinghe tomorrow
Navy deploy flood relief teams in Matara district
Showers above 100mm can be expected at some places in Hambantota district
‘Dates have the highest sugar content to fight Coronavirus’
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