Business
Rising gold and oil prices exert negative impact on share market
By Hiran H.Senewiratne
The increase in global oil and gold prices created a negative investor sentiment at the CSE yesterday. Although the stock market commenced operations on a positive note it subsequently moved to red territory with the increase in global oil prices by US$ 30 per barrel and gold by US 2000 per pound, stock market analysts said.
The government is now in a dilemma on whether it should increase fuel prices or not, because if it increases these prices it would trigger a higher inflation rate and if it does not increase fuel prices and absorbs the losses, it would create major fiscal policy issues due to heavy money printing, stock market analysts added.
The current scenario dragged both CSE indices down. The All- Share Price Index went down by 283 points and S and P SL20 declined by 116 points. Turnover stood at Rs 3.5 billion with three crossings. Those crossings were reported in Access Engineering which crossed two million shares to the tune of Rs 49 million, its shares traded at Rs 24.50, JKH 220,000 shares crossed to the tune of Rs 31.8 million, its shares traded at Rs 144.50 and Renuka Holdings 1.7 million shares crossed to the tune of Rs 26.2 million, its shares traded at Rs 15.
In the retail market the top seven companies that mainly contributed to the turnover were; Commercial Leasing and Finance Rs 797 million (16.7 million shares traded), Expolanka Holdings Rs 392 million (1.4 million shares traded), LOLC Holdings Rs 224 million (232,000 shares traded), LOLC Finance Rs 214 million (10.3 million shares traded), JKH Rs 153 million (one million shares traded), Sinhaputhra Finance Rs 151 million (five millions shares traded) and Browns Investments Rs 137 million (11.9 million shares traded). During the day 102 million share volumes changed hands in 31000 transactions.
It is said high net worth and institutional investor participation was noted in JKH, Hemas Holdings and Hayleys. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Royal Ceramics, while retail interest was noted in Browns Investments, Commercial Leasing and Finance and LOLC Finance.
The Diversified Financials sector was the top contributor to the market turnover (due to LOLC Holdings and Commercial Leasing and Finance).
Yesterday, the US dollar was Rs 201.63, which was the Central Bank controlled price. The Central Bank imposed a Rs 203 ceiling for the US dollar in order to prevent inflationary pressure. This year food inflation reached 25 percent, the historic highest rate, financial sources said.
Business
Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation
Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.
Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.
Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.
As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.
The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:
Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.
Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.
Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.
Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.
A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.
They will be joined by senior delegations and policy experts from major global institutions, including:
= The Asian Development Bank (ADB)
= The International Finance Corporation (IFC)
= Standard Chartered Bank
= Zydus Lifesciences
The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.
Business
White House blocks Microsoft from foreign worker hiring programme
Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.
US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.
Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”
Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.
“No company in the US has abused this system more than Microsoft,” Vance said.
He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.
The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.
Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.
The BBC has contacted all of the companies for comment.
The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.
A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.
Business
ComBank unites stakeholders to prepare agri sector for El Niño
In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.
Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.
The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.
To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.
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