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Stock market remains under bear hug as key indices end lower

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By Hiran H.Senewiratne

For the first time in the new year, the Colombo Stock Exchange (CSE) turned bearish on Monday due to macro concerns as well as profit taking. Trading was sluggish in the early part of yesterday, but it recovered moderately after witnessing some strong buying interest, stock market analysts said.The market commenced the week with a slowdown as the indices snapped their seven-day gaining streak due to a mix of profit-booking in heavyweights and pullback in stocks that recorded unwarranted gains over the last few weeks.

Further, Hunas Falls hotel announced a subdivision of its share. Its one share would be subdivided into a 150 ratio. Due to the announcement it’s share price appreciated by 50 percent or Rs 615. Its share price shot upto Rs 1856 from Rs 1240.

Amid those developments both indices showed a downward trend. All Share Price Index down by 37.42 points and S and P SL20 down by 18.5 points, Turnover stood at Rs 7.9 billion with three crossings. Those crossings were reported in LOLC Finance, which crossed 32 million shares to the tune of Rs 896 million and its share price traded at Rs 28, JKH 270,000 shares crossed for Rs 26.6 million and its share price traded at Rs 156.50 and Hayleys 142,000 shares crossed for Rs 20 million and its share price traded at Rs 141.

In the retail market top seven companies that mainly contributed to the turnover were Expolanka Holdings Rs 726 million (1.9 million shares traded), Browns Investments Rs 682 million (39.8 million shares traded), Sunshine Holdings Rs 549 million (8.2 million shares traded), Vallible One  Rs 456 million (five million shares traded), LOLC Finance Rs 398 million (18.6 million shares traded), Softlogic Life Insurance Rs 292 million (305 million shares traded) and Hayleys Rs 472 million (1.9 million shares traded). During the day 357 million share volume changed hands in 54000 transactions.High net worth and institutional investor participation was noted in LOLC Holdings, Lanka Orix Finance and Softlogic Holdings. Mixed interest was observed in Sunshine Holdings, Expolanka Holdings and Vallibel One, whilst retail interest was noted in Browns Investments, SMB Leasing non-voting and Amana Bank.



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Wing Commander (Retd.) D. Pradeep S. Kannangara elected president, Industrial Security Foundation

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The Industrial Security Foundation (ISF) which acts as the sole organization in Sri Lanka to represent the Private Security industry having incorporated by an Act passed in the Parliament, Act No. 51 of 1999, elected Wing Commander (Retd.) Pradeep Kannangara as its President for the years 2022/2023 at its 30th annual General Meeting which was held at the PIM Auditorium in Borella. Wing Commander Pradeep Kannangara was appointed President while 14 other members were appointed to the Executive Committee, strengthening the ISF in order to drive and uplift the standards of the private security industry in Sri Lanka.

He has served on the ExCo consecutively since 2012 under four different presidents where he held the positions of Senior Vice President during the last three consecutive years. He has also been a committed member of the ISF and was awarded prestigious coveted FISF title due to his many valuable contributions to the organization and the Private Security Industry in Sri Lanka in 2012.

Wing Commander Kannangara’s journey into private security began after a successful career in the Sri Lanka Air Force for over 24 years where he served in many capacities finally being the Officer Commanding of the Special Air Borne Force. A recipient of the Ranasura Padakkama (RSP) Gallantry award for his bravery, sacrifices and service to the nation by the President of the Socialist Republic of Sri Lanka in 1990. He holds a Master’s in business management from the Edith Cowan University, Perth, Australia too and serves as a Board Director in AB Securitas (Private) Limited in Sri Lanka and AB Securitas Bangladesh Limited.

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Kitchen & Bedroom reaffirms its partnership with Häfele Sri Lanka

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(L-R) Pawan Singh- General Manager Sales & Marketing at Hafele Sri Lanka, Jurgen Wolf- Managing Director Hafele South Asia, Dr. Sacquaff- Group CEO Kitchen & Bedroom, and Manish Mahajan, Director Sales Hafele South Asia

Kitchen & Bedroom, a name synonymous in the interior designing and furniture sector in the country recently celebrated its long-standing partnership with Häfele Sri Lanka during the latter’s 12th year anniversary celebratory event, reaffirming its ambitious plans to further strengthen and explore the numerous opportunities available here.

Häfele Sri Lanka, part of Häfele India which is a wholly owned subsidiary of the Hafele Global network, is a technology partner for various projects and initiatives of Kitchen & Bedroom. Both the companies operate in the interior design space, sharing their cumulative knowledge and expertise to provide extensive and personalized solutions catering to domestic requirements.

‘We take great pride in our association with Häfele Sri Lanka having exchanged and collaborated on many projects both commercial and household. We share similar values such as providing high quality, sustainable, functional and customized solutions to our customers, and most importantly to guide them through every aspect and step of the project and how best we could bring out their desired design,’ said Dr. Sacquaff, Kitchen & Bedroom Group CEO.

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DSI strengthens its islandwide presence with three new showrooms

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Amid the prevailing economic hardships faced by Sri Lanka, Sri Lanka’s premier footwear brand DSI recently expanded its islandwide presence in the country with the opening of three new showrooms in Kahawatta, Akuressa, and Chavakachcheri, with the aim of offering greater access to its diversified product range to a wider customer base.

Gracing the special occasion, the showrooms were declared open by D. Samson & Sons (Pvt.) Ltd. Managing Director Thusitha Rajapaksa, in the presence of Director Asanka Rajapaksa, General Manager Pradeep Samarathunga, National Sales Manager – Retail Sales Naleen Weerawardana, invitees, and well-wishers.

Speaking at the opening ceremony, Thusitha Rajapaksa stated: “We are excited about expanding DSI wings to three new locations. Despite the ongoing economic conditions of the country, we took a call to take a proactive measure to expand our islandwide presence. While it has been a challenge, the commitment and hard work of our team has made it possible to serve our loyal customers better, and we are confident that we will be able to continue these efforts in the future as well.”

DSI is renowned for its well-trained staff who offer exceptional customer service. The three new DSI showrooms prioritize providing a unique service and customer support to make purchasing further convenient for the customer.

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