Share market pulls back from green territory; mid-day trade slumps
By Hiran H.Senewiratne
The CSE fell in mid-day trade yesterday, having pulled back after continuously being on the green in the past sessions. But banking sector counters showed some selling pressure due to certain comments in the media during the weekend on domestic debt restructuring, analysts said.
The market moved to green with a leap on Friday, generating over Rs 4 billion due to credit assurance from the Paris Club, Non Paris Club and bond holders on the matter of obtaining the IMF bail-out package, market analysts opined.
However, there’s a pull- back consequent to certain media articles on domestic debt restructuring, which resulted in impairing investor perception to greater extent, especially in the banking sector, market analysts added.
Consequently, both indices moved downwards. The All- Share Price Index went down by 78.4 points and S and P SL20 declined by 20.2 points. Turnover stood at Rs 2.3 billion with five crossings. Those crossings accounted for 30 per cent of revenue, analysts explained.
The companies that mainly contributed to the turnover were, Expolanka Holdings, which crossed 900,000 shares to the tune of Rs 172.8 million, its shares traded at Rs 492, JKH 1 million shares crossed to the tune of Rs 145 million, its shares fetched Rs 145, Sampath Bank one million shares crossed for Rs 45.5 million, its shares traded at Rs 45.50, Dialog Axiata 2.6 million shares crossed for Rs 26 million, its shares fetched Rs 10 and Agstar PLC 1.48 million shares crossed for Rs 23 million, its shares traded at Rs 15.60.
In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 308 million (2.1 million shares traded), Expolanka Holdings Rs 288 million (1.5 million shares traded), Aitken Spence Rs 119 million (794,000 shares traded), Lanka IOC Rs 87.1 million (434,000 shares traded), Expact Corrugated Cartons Rs 75.5 million (4.5 million shares traded) and Softlogic Capital Rs 70.6 million (4.2 million shares traded). During the day 73.8 million share volumes changed hands in 17000 transactions.
The banking sector should explore restructuring loans of salaried employees hit by progressive tax, Central Bank Governor Dr. Nandalal Weerasinghe said as progressive income taxes were imposed at lower thresholds amid high inflation following a sovereign default.
There have been complaints mainly by picketing state enterprise executives and also other workers of such agencies, such Sri Lanka Port Authority, that high progressive taxes were putting their bank accounts into overdraft after loan installments were cut.
Yesterday, the Central Bank announced the US dollar buying rate as Rs 359.99 and selling rate as Rs 370.18.
Dulux colours Architect 2023 exhibition with vibrant and engaging presence
Dulux -Sri Lanka’s, a leading manufacturer of paints and coatings – is celebrating the successful close of its participation at Architect 2023, also taking home an award for the ‘Best Trade Stall with Innovative Use of Colour’.
Organised by the Sri Lanka Institute of Architects -and now in its 41st year- this year’s edition of the Architect 2023 annual trade fair took place from February 24-26 at the BMICH, and witnessed greater participation from leading companies and entrepreneurs actively involved in the various construction and architecture sectors; both locally and internationally, a company news release said.
“Dulux established a strong presence at the event with a spectacular exhibit themed Colour Futures ’23, featuring its 2023 Colour of the Year: Wild Wonder. Visitors to the stand were able to explore the four colour palettes, Lush, Buzz, Raw and Flow, inspired by the nature-influenced theme, with Dulux colour experts on hand providing unique trade insight, and also advising visitors on how best the shades can be implemented into their own work and living spaces,” it said.
“The popular mascot, “Dulux Dog” was also present to playfully engage with exhibition attendees and brighten up the vibrant Dulux stall even further. The Dulux exhibit proved widely popular among attendees to Architect 2023, due to its powerful display of colour in both interior & Exterior spaces. “
“Architect 2023 was a great opportunity for Dulux to learn from fellow trade professionals, and also to introduce visitors to the latest trends and insights from the global paints and coatings landscape,” said Upendra Gunawardhana, Head of Marketing at AkzoNobel Paints Sri Lanka. “We’ve maintained a strong long-standing relationship with the SLIA, and have every intention of being back again next year as well.”
ACCA reaffirms ComBank as Best among Sri Lankan banks for Sustainable Reporting
The Commercial Bank of Ceylon was declared the best among all Sri Lankan banks in sustainability reporting at the Sri Lanka Sustainability Reporting Awards for 2022 presented by the Association of Chartered Certified Accountants (ACCA) Sri Lanka.
As the winner in the ‘Banking’ category Commercial Bank was recognised for being one of the most transparent, accountable, and responsible entities in the country. The award was presented for the Bank’s 2021 Annual Report titled ‘Beyond a shape, beyond a colour’ which among other aspects, explores the Bank’s evolving operating context in which social and environmental concerns are brought to the centre of its corporate agenda.
Prepared in line with the International <IR> framework, this Annual Report also presents the Bank’s social and environmental impacts as per the Global Reporting Initiative (GRI) standards: Core option. Additionally, it reports on the Bank’s contribution towards the UNDP Sustainable Development Goals.
The Report also features a dedicated section on ‘Business model for sustainable value creation’ and discloses information on loans screened through the Bank’s Social and Environmental Management System (SEMS), paper reduction and recycling initiatives, increased usage of renewable energy, and switching to energy-efficient appliances under the section on ‘Natural Capital.’ Indicators of value derived in this category include reduced energy consumption in gigajoules, number of facilities subjected to SEMS screening, number of new solar panel installation locations, number of internet banking and mobile banking users, and solar power generated as a percentage of energy consumption.
Commercial Bank’s high standards in comprehensive reporting area result of the Bank’s commitment to being a responsible financial entity and shaping its work ethics around sustainable business practices, the Bank said. Last year too, Commercial Bank topped the ACCA awards in the Banking category, in addition to winning the overall award for the Best Sustainability Report of 2020.
Notably, Commercial Bank’s 2021 Annual Report also won four awards including a Gold for ‘Interior Design,’ and a Bronze for ‘Interactive Annual Report’ at the 2022 edition of the MerComm ARC Awards which is the world’s largest annual report competition.
The Bank’s sustainability initiatives include lending to support sustainable and green operations, migrating customers to paperless banking, improving efficiency in the use of energy, water and other resources in its own operations and supporting community initiatives that help conserve habitats and the environment. Its support to a mangrove restoration project in Koggala and marine turtle conservation initiative in Panama are examples of its commitment to environmental conservation.
The Bank pioneered a mandatory social and environmental screening process for its project lending activities and was the first bank in Sri Lanka to venture into Green Financing. It also revolutionised digital banking by introducing features in its ‘Flash’ mobile application to measure and offset customer impact on the environment.
Ex-Pack Corrugated Cartons PLC prioritizes psychological wellbeing in view of Women’s Day
In view of the marking the International Women’s Day, Ex-Pack Corrugated Cartons PLC held an insightful event at their state-of-the-art factory premises in Kelaniya, highlighting the importance of psychological wellbeing and how Ex-Pack is taking up measures in ensuring an enabling environment for its 300 strong workforce, based on its wider DEI policies.
Various global studies have shown that women are impacted at much higher rates than men when it comes to mental illnesses. The session celebrated their achievements and life stories, and shared some eye-opening tips, facts, know how’s, to-dos, and various other influential factors including the dire need to change our perspectives on women’s roles, health and wellness. This also touched upon the emotional and social aspects of wellbeing too.
This year’s theme is centered on #EmbraceEquity, and Ex-Pack is no stranger when it comes to pursuing gender equality in an industry that has been traditionally dominated by male. As one of leading corrugated cartons manufacturer in Sri Lanka delivering end-to-end packaging solutions to both local and international clientele, and a subsidiary of Aberdeen Holdings (Pvt) Ltd, Ex-Pack actively encourages more female participation.
‘With this year’s theme being #EmbraceEquity, we take great pride in being an ambassador and role model in our industry. We go beyond just equal opportunities to pro-actively collaborate with everyone, to ensure that our talented women have every possible resource at their disposal and are given all the required support to succeed both professionally and personally,’ said M. Zulficar Ghouse, Managing Director- Ex-Pack Corrugated Cartons PLC
Ex-Pack has long been engaged with providing equal career opportunities, and both men and women
are respected, rewarded and compensated equally. The company also has an open-door policy for all employees. Women empowerment stems directly from the top leadership, recognizing that women and their strengths are crucial to both the company and the overall economy.
Showers in Western, Sabaragamuwa and North-Western provinces and in Galle and Matara districts during the afternoon
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