Connect with us

Business

Stocks edge down with profit takings on index heavy entities

Published

on

By Hiran H. Senewiratne

The Colombo Stock Exchange (CSE) continued to edge down in mid-morning trade yesterday, reverting from previous day’s gain. The reason being for the stock market to come down mainly due to profit takings on index heavy entities Expolanka and Lanka IOC, stock market analysts said.

With the macroeconomic conditions being positive stock market analysts are confused why profit takings have occurred in Lanka IOC and Expolanka Holdings. But despite those issues in the market foreing investor sentiment has been improved and net foreing inflows have reached Rs 69.7 million yesterday, stock market analysts said.

Amid those developments  both indices moved downwards. All Share Price Index down by 136 points and S and P SL20 down by 85.2 points. Turnover stood at Rs 2.8 billion with a single crossing. The crossing reported in JKH, which crossed 300,000 shares to the tune of Rs 39 million and its share price traded at Rs 130.

In the retail market top seven companies that mainly contributed to the turnover were Lanka IOC Rs 513 million (2.2 million shares traded), Ambeon Capital Rs 492 million (39.4 million shares traded), CIC Holdings Rs 209 million (2.3 million shares traded), Expolanka Holdings Rs 205 million (1.2 million shares traded),  CIC (Non Voting) Rs 164 million (2.2 million shares traded), Dankotuwa Porcelain Rs 126 million (2.2 million shares traded) Acle Cables Rs 118 million (1.2 million shares traded). During the day 110 million share volume changed hands in 29000 transactions.It is said that high net worth and institutional investor participation was noted in People’s Leasing & Finance, JKH and Chevron Lubricants. Mixed interest was observed in Lanka IOC, Expolanka Holdings and Dankotuwa Porcelain whilst retail interest was noted in Browns Investments, SMB Leasing (voting and nonvoting) and First Capital Holdings.Energy sector was the top contributor to the market turnover (due to Lanka IOC) whilst the sector index gained 2.26 percent. The share price of Lanka IOC increased by Rs. 4.25 (1.80percent) to close at Rs. 240.50.The Capital Goods sector was the second highest contributor to the market turnover (due to JKH) whilst the sector index increased by 0.96 percent. The share price of JKH recorded a loss of 50 cents to close at Rs. 130.

Further, Almans Holdings increased their stake in Dankotuwa Porcelain by ten percent, while Windfore Plc to invest Rs 200 million for an electric vehicle plant as part of its business diversification plan. Currently, its co-business is renewable energy.   Yesterday the Central Bank announced the US dollar rate. It is buying rate Rs 359.13 and selling rate Rs 369.86.



Business

BOI reports FDI inflows of US$ 713 million in first nine months of 2022

Published

on

From left: Raja Edirisuriya, BOI Chairman, Dilum Amunugama, State Minister of Investment Promotion and Renuka Weerakone, Director General of BOI

Signs 123 agreements to the value of US$ 1.9 billion in first 11 months

The Board of Investments of Sri Lanka (BOI) has attracted foreign direct investment at record levels notwithstanding a spate of global and local volatilities with total FDI inflows amounting to US$ 713 million in the first nine months of 2022, which is 71% of the 2022 full-year target of US$ 1 bn, revealed State Minister of Investment Promotion Dilum Amunugama.

Further, as of the first eleven months, BOI has inked a total of 123 agreements to the value of US$ 1.9 billion, which consists of US$ 1.5 billion in new projects and US$ 400 million in expansions.

New projects are from countries such as India, Japan, Norway, Hong Kong, the UK, the USA, and Singapore. Out of 41 new projects, the majority are for the manufacturing sector including apparel followed by ICT, Tourism, Infrastructure, Utilities, Services, and Agriculture sectors while most of the expansions of existing projects are from the manufacturing sector including apparel followed by logistics, telecommunication, ICT and Agriculture sectors.

Meanwhile, the export revenue of BOI enterprises topped US$ 7.9 Bn for the period from January to November 26, 2022.

Taking a look at the statistics related to merchandise exports, data from BOI Research & Policy Advocacy Department highlight that all export items except food, paper, and horticultural products have shown a significant increase in the given period compared to the corresponding period in 2021.

Accordingly, wearing apparel (excluding leather gar.) exports grew 8 % to US$ 4591.86 million in 2022 compared to the US$ 4261.48 million recorded in 2021, while rubber exports grew 3 % to US$ 1,052 million.

Also, other manufactured products (N.E.S.) exports grew 112 % to US$ 477 million, while PVC products grew 20 % to US$ 100.54 million.

In addition, export earnings from Jewellery & Lapidary increased by 16 % to US$ 134.99 million in 2022 while Leather Products (Including Leather Gar.) grew 72 % to US$ 16.32 and Footwear exports grew 146% to 2.6 million.

Apparel exports show the highest earnings in 2022 while footwear exports show the highest percentage in terms of growth.

The BOI has always been the forerunner of Sri Lanka’s export industry contributing over 65% to the country’s overall export earnings and 85% to the national industrial export earnings.

Continue Reading

Business

Canisius Fernando re-elected CNCI Chairman for another term

Published

on

Ceylinco Life directors and representatives of the senior management

The Ceylon National Chamber of Industries (CNCI) had its 61st Annual General Meeting (AGM) on 25th November 2022 at Hotel Taj Samudra, Colombo. Thilaka Jayasundara, Secretary, Ministry of Industries was the Chief Guest while Chaminda pathiraja, Additional Secretary, Ministry of Industries was the Guest of Honour. Canisius Fernando, who had been the Chairman – CNCI for the past year was re-elected Chairman for another term at the AGM.

Fernando counts decades of experience in the private sector holding very senior and responsible appointments in reputed organizations in the country.

He has obtained his initial Degree in Management followed by a Master’s Degree in Business Administration from the University of Southern Queensland in Australia. Currently he is holding the position of the Chief Executive Officer of Aqua Packaging (Pvt) Ltd. In addition to his responsibility as the Chairman CNCI, he also holds the honorary appointment of the Chairman of “Indexpo Certification Ltd” which is a Certification Body initiated by the Ceylon National Chamber of Industries together with the National Chamber of Exporters of Sri Lanka.

Continue Reading

Business

Ceylinco Life continues green mission with new branch in Minuwangoda

Published

on

The model of the new building to be constructed

Steadfast in its commitment to a greener environment, Ceylinco Life recently laid the foundation for its newest eco-friendly branch building in Minuwangoda, which will be the first of the Company’s branches to adopt a new low-cost precast concrete technology.

The new building will be built to the environment-friendly specifications adopted for all new branches on Company-owned land, and upon completion will be the 47th property to be owned by Ceylinco Life and the 32nd branch to operate in a Company-owned building.

The two-storey building at No 101, Veyangoda Road, Minuwangoda, will have 3,270 square feet of office space and seven dedicated parking slots.

As per the green mandate of Ceylinco Life, this branch will be powered entirely by a 20kW solar power system that results in zero consumption of electricity from the national grid, will have its own rainwater harvesting facility and a waste-water recycling system, minimising the use of pipe-borne water.

It will also be purpose-designed to make optimal use of natural light and will be fitted with energy-efficient artificial lighting and air conditioning systems. The precast construction method will also ensure minimal timber is used in the construction, the Company said.

Continue Reading

Trending