Perceived Tax Amnesty Act benefits bring bounce to bourse
By Hiran H.Senewiratne
The CSE bounced back yesterday after witnessing a heavy market drop on the previous day due to panic-stricken investors disposing of their stocks to gain short term profits after the Central Bank’s involvement in controlling the rupee rate as against the dollar, stock market analysts said.
One of the reasons for the stock market to bounce back yesterday was a comment by State Minister of Finance, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal to the media that the recently passed Tax Amnesty Act would benefit the capital market and that there could be an inflow of around Rs. 100 billion to the CSE before the end of the year. This gave a slight impetus to the highly volatile stock market, analysts said.
Further, the Central Bank also issued new directions to licensed commercial banks and the National Savings Bank on the import of certain non-essential and non-urgent goods with immediate effect until further notice to preserve foreign reserves. This slightly impacted export- oriented companies yesterday, analysts said.
Consequently, both indices moved upwards. The All Share Price Index went up by 222 points and S and P SL20 rose by 66.80 points. Turnover stood at Rs. 5.7 billion with four crossings. Those crossings were reported in Sampath Bank, where four million shares crossed to the tune of Rs. 204.8 million, its shares traded at Rs. 51.50, Expolanka Holdings 600,000 shares crossed for Rs. 105.6 million, its shares traded at Rs. 176, HNB 250,000 shares crossed for Rs. 35.7 million, its shares fetched Rs. 143 and HNB (Non Voting) 200,000 shares crossed for Rs 26 million, its shares trading at Rs. 130.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 1.59 billion (9.2 million shares traded), Browns Investments Rs. 1.26 billion (129 million shares traded), LOLC Holdings Rs. 400 million (725,000 shares traded), Nestle Lanka Rs. 379 million (314,000 shares traded) and Hayleys Rs. 221 million (two million shares traded). During the day 265 million share volumes changed hands in 36000 transactions.
It is said that clients are using the current market weakness to accumulate fundamentally strong stocks. This is because it is believed that there are no structural reasons, whether on a macroeconomic level or at a company level, to justify the current sell off. It was important to note that major shareholders continued to hold their stakes, or even increased their stakes, reflecting strong confidence in the stocks they had invested in, market analysts said.
‘Seylan Bank celebrates milestone 35 years of outstanding customer service’
Having opened its doors in 1988, Seylan Bank, celebrated a milestone 35 years recently, of proudly serving all stakeholders with an unwavering dedication to excellence, a Seylan Bank press release said.
The release adds: ‘The special occasion was commemorated with a religious ceremony at the Millennium Branch of the bank with the participation of the Board of Directors, corporate management, staff and well-wishers. Dr P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka graced the event and delivered the keynote address. Chairman of Seylan Bank, Ravi Dias and Kapila Ariyaratne, Director/CEO, also addressed the gathering.
‘Since the opening of its first branch, Seylan Bank has expanded into an island wide network of 171 branches, 216 ATMs, 70 cash deposit machines and 96 cheque deposit kiosks as well as many Digital Banking solutions, serving a growing client base of Small and Medium Enterprises, Retail and Corporate Customers.
‘Kapila Ariyaratne, Director/CEO Seylan Bank said, “Today we are proud of our history and excited about the future. Within the past decade Seylan Bank’s total assets, deposits and advances have grown by 300%, while our revenue has grown four times and our profit after tax has doubled. While entering the 35th year, we have recorded the highest bottom line in the history of the Bank for two consecutive years. We have polished the rich culture of innovation and customer service excellence that have been hallmarks of Seylan culture from the beginning, and are more customer focused, compliant and transparent today. Seylan Bank looks to the future with excitement, energy, strength and hope to build on our excellent foundation and achieve the vision of being amongst Sri Lanka’s leading financial service providers, helping all our stakeholders achieve their good aspirations while helping our country and our people to once again achieve economic prosperity in a sustainable manner.”
Price decline seen in all shares across the board; fluctuating trend sets in
By Hiran H. Senewiratne
CSE trading set off on a negative note yesterday but later bounced back slightly. The reason for the fluctuating trend was attributable to stock market brokers reducing their debt component, market analysts said.
Further, shares edged- down in mid- day trade on thin volumes as the market experienced selling pressures and profit- taking, an analyst said. “The market is down as the selling trend continues, as there is a price decline in all shares across the board, combined with the month ending, followed by margin calls, market analysts added.
Amid those developments both indices moved downward. The All- Share Price Index declined by 51 points and S and P SL20 went down by 11.87 points. Turnover stood at Rs 861 million with one crossing. The crossing was reported in NDB, which crossed 470,000 shares to the tune of Rs 20.2 million, its shares traded at Rs 43.
In the retail market some companies that mainly contributed to the turnover were, Lanka IOC Rs. 103.8 million (640,000 shares traded), Expolanka Holdings Rs 86 million (660,000 shares traded), ACL Cables Rs 83.4 million (one million shares traded), Sampath Bank Rs 76.4 million (1.3 million shares traded), Browns Investments Rs 38.8 million (6.2 million shares traded) and JKH Rs 32.9 million (235,000 shares traded). During the day 43.98 million share volumes changed hands in 12746 transactions.
It is said that high net worth and institutional investor participation was noted in NDB and Aitken Spence Hotel Holdings. Mixed interest was observed in Sri Lanka Telecom, Lanka IOC and Tokyo Cement Company nonvoting, while retail interest was noted in Browns Investments, LOLC Finance and Renuka Agri Foods.
The Food, Beverage & Tobacco sector was the top contributor to the market turnover (due to Browns Investments), while the sector index lost 0.49 per cent. The share price of Browns Investments recorded a loss of 10 cents, coming down to Rs. 6.40.
The Capital Goods sector was the second highest contributor to market turnover, while the sector index decreased by 1.77 per cent. Sri Lanka Telecom, Aitken Spence Hotel Holdings, NDB and Lanka IOC were also included among the top turnover contributors.
Meanwhile, in the Treasury bond market, yields were up at open on yesterday, dealers said.
A 01.07.2025 bond was quoted at 31.00/30 per cent yesterday, up from 30.75/31.00 per cent on Monday. A 15.09.2027 bond was quoted at 28.25/29.00 per cent, up from 28.10/60 per cent from Monday. The Sri Lanka rupee opened at 322/327 against the US dollar, steady from 322/325 a day earlier, Central Bank sources said.
SLT-MOBITEL shines at Effie Awards 2022
Reiterating its commitment in demonstrating innovative campaigns that have not only set a benchmark in the industry, but also contributed to making a difference for consumers at large, SLT-MOBITEL, the National ICT Solutions Provider was bestowed with two Bronze and a Merit award at the Effie Awards 2022 held recently. SLT-MOBITEL was the sole Telco provider to win awards under the Internet/Telecom category.
Organized by the Sri Lanka Institute of Marketing (SLIM), the Effie Awards Sri Lanka edition is part of the world-renowned international awards programme, recognising all forms of effective local marketing communications that contribute to a brand’s success. The coveted event is highly anticipated and celebrated by the marketing fraternity, both locally and globally, as the most distinguished honour in the industry. The Effie Awards Sri Lanka 2022 marked its 13th edition and focused on the creative work and effectiveness of campaigns during turbulent times.
SLT-MOBITEL campaigns that won Bronze awards were the ‘Triple Buddy and ‘Non-Stop Lokka’. For the SLT-MOBITEL Mobile Triple Buddy campaign’ the company introduced a competitively priced bundle for most famous social media platforms such as Facebook, WhatsApp, and YouTube, thus targeting teens and young adults. Adding to the resounding success of the campaign was the company’s brand ambassador, Falan Andrea. Her immense social media following was utilized to spread the message along with SLT-MOBITEL’s integrated media rollout which targeted every person from across Sri Lanka.
In addition, the Nostop Lokka, campaign for SLT-MOBITEL Mobile addressed competitor pressure on data access and apps. ‘Non-Stop Lokka’, offered nine (09) apps, enabling customers from all categories to connect with the most famous social media applications in a hassle-free manner. The campaign was immensely successful, with outstanding results and continued during the year positioning SLT-MOBITEL as an innovative leader.
SLT-MOBITEL Fixed received the Merit Award for its campaign SLT-MOBITEL Fibre under the theme ‘Revolutionizing the Internet with SLT-MOBITEL Fibre’. SLT-MOBITEL, recently enhanced its Fibre facility, which is Sri Lanka’s first, fastest and widest premium connectivity bandwidth to 200Mbps download speed and 100Mbps upload speed. It made the customer experience uninterrupted, with instant downloading and uploading, even with multiple devices. Also, streaming videos or watch other livestreams in Ultra HD, enjoying lowest latency for gaming and providing crystal clear UHD picture quality for PeoTV were the value additions to SLT-MOBITEL Fibre users.
Conceptualizing and partnering SLT-MOBITEL for the campaigns were Phoenix Ogilvy and Ogilvy Media.
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