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Prime Residencies shares see slowdown in trading

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By Hiran H.Senewiratne 

Trading at the Colombo Stock Exchange (CSE) was positive yesterday following a dip in the market on the previous day. Investors started purchasing large quantities of stocks from Prime Residencies, on the first trading day following the Initial Public Offering (IPO) overlooking other major stocks, stock brokers said.

“Investors had purchased large quantities from the previous IPO “Chrishworld” due to issuance of small quantities of shares to the public and they adopted the same approach to Prime Residencies stocks due its large quantity of shares in the market. Chrisworld had issued 7.5 million shares to the public in their IPO while Prime Residencies issued 187.5 million shares to the public,”stock market analysts said.

Due to these developments, Prime Residences share price quoted at Rs 10.40. On the previous day its share price moved upto Rs 11.90. Since investors’ expectations were not being fulfilled they did not go much for Prime Residencies stocks yesterday, therefore, its share price depreciated by 60 cent or 5 five percent. However, its share price started trading at Rs 11.90 and at the end of the day it moved down to Rs 11.30.

Amid those developments both indices moved upwards despite the turnover recorded a seven-day low.  All Share Price Index was up by 22.06 points and S&P SL20 up by 9.46 points. Turnover stood at Rs 1.48 billion without a single crossing.

In the retail market top five companies that mainly contributed to the turnover were Royal Ceramic Rs 117.2 million (3.1 million shares traded), Melstacope Rs 113.4 million (2.4 million shares traded), LOLC Rs 87.8 million (293,000 shares traded), Alumax Rs 84.4 million (6.1 million shares traded) and Dipped Products Rs 68.2 million (1.3 million shares traded). 

The market moved slowly but in a positive manner but strong market activities were witnessed in Melstacope and its share price moved up by four percent or Rs 2. Its share price startered trading at Rs 47 and at the end of the day it moved upto Rs 49. During the day 84 million share volume changed hands in 19,632 transactions.

Stock Exchange.. 

The original SEC Act No. 36 of 1987 had seen three amendments previously, in 1991, 2003 and 2009. Capital market stakeholders have been calling for a new Act for several years to ensure that regulation and market development keeps pace with modern era dynamics.   



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SL youth eligible for employment in Korea, to get the opportunity shortly

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The Korean Ambassador to Sri Lanka Woonjin Jeong assured the Foreign Minister that the facilities required for the Sri Lankan youth who are eligible for employment in Korea to travel to Korea will be provided shortly. He was speaking at a discussion on the delays faced by young people who are eligible for jobs in Korea, chaired by the Foreign Minister Dinesh Gunawardena at the Foreign Ministry on 16 June, 2021. State Minister of Foreign Employment Promotion and Market Diversification Priyankara Jayaratne, Secretary to the State Minister of Foreign Employment Promotion and Market Diversification Suntharam Arumainayaham, Chairman Kamal Ratwatte, Director Nimal Thibbatumunuwa and Deputy General Manager Mangala Randeniya of the Foreign Employment Bureau were also participated in the discussion.

The Foreign Minister pointed out that those who have qualified for jobs in Korea have been expecting to leave for jobs in Korea for a long time; however it has been avoided day by day due to the COVID pandemic. The Minister also pointed out that they are under severe mental stress due to this.

The Korean Ambassador to Sri Lanka explained the position of the Korean Government and stated that it has been planned to provide employment opportunities in Korea to all those who are eligible for employment in Korea. He said there is a delay in providing those opportunities due to the COVID pandemic; however assured that he is focussed on sending them to Korea at the earliest available opportunity.

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Sterilizer device launched in Sri Lanka

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At a time when the Covid-19 epidemic is spreading around the world, you will no doubt be happy to hear that those invisible germs that collect in such a closed environment can now be destroyed by a small device called STERIONIZER introduced to Sri Lanka by ABC Trade & Investments.

This small device has made life easy for many as you can clean your home or any other place (specially closed environment) by plug-in the STERIONIZER.  

STERIONIZER system keeps air ducts, air heat exchangers and machinery clean and supplies sanitized air in enclosed areas and each ionizing device is completely maintenance free and connected to a data-bus for supervision and monitoring.

STERIONIZER is priced at Rs. 35,000. Phone 070 3 525 525 or 070 1 853 529 for more information.

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Indian assistance to implement solar power project

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It is expected to provide financial benefit to low-income households

 

Measures have been taken to increase the contribution by renewable energy sources to the national power grid by enhancing solar power generation as per the National Policy Framework.A key plan of the Government is to generate solar power by obtaining the contribution of state-owned buildings, places of worship and houses of the low-income families.

It is expected to provide financial benefit to low-income households and to curtail the expenses incurred by the state institutions for electricity, from the project. Steps will also be taken to provide facilities to store solar energy in batteries for the low-income families that are unable to access the national power grid.

The project also includes generating power by installing floating solar panels as a solution to land scarcity. Under the first phase of this, plans have been initiated to generate electricity required for the Parliament centering the Diyawanna Lake as a model project.The Government of India, one of the main stakeholders of Sri Lanka for this project, has entered into a bilateral loan agreement by agreeing to grant a Line of Credit amounting to US$ 100 million through the Export Import Bank of India.The agreement for the Line of Credit signed by the Sri Lankan Government and the Export Import Bank of India was exchanged between Finance Secretary S. R. Attygalle and Indian High Commissioner Gopal Baglay in the presence of President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat recently.

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