Business
Shares edge-up for seventh straight session; indices rise
By Hiran H.Senewiratne
CSE traded on a positive note throughout yesterday as shares edged up in mid- day trade for the seventh straight session, following foreign reports that the IMF is likely to lend Sri Lanka the long- awaited US$ 2.9 billion loan without debt restructuring assurances from China.
Cash dividends have been declared by Sampath Bank and DFCC Bank, which move has prompted some confidence in the banking sector, promising some stability and economic improvement. “Cash dividends come as an indication of normalization, said an analyst.
Investors are in a wait- and- see stance, anticipating rate cuts in the CBSL’s Monetary Policy Review, scheduled for March 2. However, yesterday the stock market functioned positively with satisfactory retail and institutional participation along with positive turnover numbers, stock market analysts said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 59.9 points and S and P SL20 rose by 14.7 points. Turnover stood at Rs 2.1 billion with six crossings. Those crossings were reported in Hemas Holdings, which crossed 2.4 million shares to the tune of Rs 155 million, its shares traded at Rs 64, Lanka IOC 778,000 shares crossed for Rs 153 million, its shares traded at Rs 197.25, Royal Ceramic five million shares crossed for Rs 150 million and its shares fetched Rs 30, Hayleys PLC 680,000 shares crossed for Rs 53 million and its shares traded at Rs 78, Nations Trust Bank 500,000 shares crossed for Rs 33.5 million, its shares traded at Rs 67 and Commercial Bank 307,000 shares crossed to the tune of Rs 20.1 million and its shares fetched Rs 65.50.
In the retail market, top seven companies that mainly contributed to the turnover were, Hayleys PLC Rs 110 million (1.4 million shares traded), Nations Trust Bank Rs 94.5 million (1.4 million shares traded), Royal Ceramic Rs 93 million (three million shares traded), Sampath Bank Rs 78.7 million (1.5 million shares traded), Lanka IOC Rs 77.1 million (387,000 shares traded), JKH Rs 76.3 million (550,000 shares traded) and Hemas Holdings Rs 74.7 million (1.17 million shares traded). During the day 84.1 million share volumes changed hands in 18000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 358.72 and the selling rate Rs 368.77.
Business
ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka
The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.
The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.
“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”
Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.
Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.
Business
USD 40.84m pipeline to secure aviation fuel supplies to BIA
By Ifham Nizam
The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.
Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.
‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.
The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.
The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.
Business
CSE activity up, turnover weak at Rs. 1.4 billion
By Hiran H Senewiratne
Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.
Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.
In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.
The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.
Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.
Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.
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