Business

Up and down trend in CSE trading

Published

2 years ago

2021/05/20

By Hiran H. Senewiratne

CSE was sluggish last morning and witnessed some decline from 40 – 50 points during mid session but recovered during the latter part of the day and settled on a positive note, stock market analysts said.

The market appears to be volatile due to an increase in the number of Covid 19 patients in the country and there was also speculation on the Port City Bill, which is being debated in parliament, stock market analysts noted.

During the day banking and manufacturing sector counters saw gains in the market. Specially Sampath Bank and Commercial Bank, performed well in the market yesterday, due to their quarterly results being positive. However, leading manufacturing companies, such as Haycarb and Dipped Products, although reporting good quarterly results, compared to the third quarter they have indicated a slight dip. Haycarb recorded a 6% or Rs. 6.20 drop of its share price. Its shares started trading at Rs. 105.75 at the end of the day, they moved down to Rs. 99.50.

Dipped Products’ share price was down by 1.4% or 80 cents. Its shares started trading at Rs. 56.90 and the end of the day declined to Rs. 56.10.Amid those developments, both indices showed a downward trend. All Share Price Index went down by 14.11 points and S and P SL 20 went down by 2.36 points. Turnover stood at Rs. 2.32 billion with two crossings. One of the crossings was reported in Union Bank, which crossed 6.58 million shares to the tune of Rs. 69 million, its shares traded at Rs. 10.50 and Expo Lanka 806,000 shares crossed for Rs. 37.8 million, its shares traded at Rs. 46.90.

In the retail market, top five companies that mainly contributed to the turnover were; Browns Investments Rs. 444.2 million (65.6 million shares traded ),Haycarb Rs. 270 million (2.7 million shares traded ), Royal Ceramic Rs. 265 million (6.9 million shares traded ),Dipped Products Rs. 209 million (3.7 million shares traded )and Expo Lanka Rs. 195 million (4.1 million shares traded ).During the day 143.7 million share volumes change hands in 22175 transactions.

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Business

Oil prices rise as Saudi Arabia pledges output cuts – Opec+

Published

18 hours ago

2023/06/5

Priyan

(picture BBC)

Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.

Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.

Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.

In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.

The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.

Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.

Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.

(BBC)

Business

Manpower services agency wins accolades for its contribution to foreign employment sector

Published

21 hours ago

2023/06/5

Thilina Walpola

Siraj Cafoor, Managing Director of Siraj Manpower Services receives the award

Its MD says. ‘go abroad only if you can work hard’

Siraj Manpower Services, one of Sri Lanka’s leading foreign employment agencies, was honoured with the Three-Star Award at the ‘Golden Awards’ 2023, organised by the Sri Lanka Bureau of Foreign Employment (SLBFE). This award ceremony was organised to honour foreign employment agencies that have made a significant contribution to the development of the foreign employment sector, which is a major source of foreign exchange for Sri Lanka. Siraj Cafoor, Managing Director of Siraj Manpower Services, was presented with the award at the award ceremony which was held at the BMICH in Colombo under the patronage of Minister of Foreign Employment and Labour Manusha Nanayakkara.

Having been established in 2002, Siraj Manpower Services (www.sirajmanpower.lk) has earned a reputation in the field of foreign employment by winning the trust of customers for more than 20 years. It has been offering job opportunities in the Middle East countries such as Kuwait, Qatar, Dubai and Saudi Arabia, and Malaysia as housekeepers, drivers, sanitation workers, labourers and also jobs related to the apparel industry. All these workers are entitled to approved salary scales certified by the SLBFE.

“We always stand for the safety of workers who go abroad through our organisation. We work to solve the problems that arise in relation to the contracts that the workers have entered into. I must mention something special to those who go abroad for employment. That is, you should keep in mind that you go abroad only to work. Go abroad only if you can work hard. You have to remember that you are going abroad to earn some more money and achieve the advancement of your family.” said Siraj Cafoor.

Business

Ports Minister invites Singaporean investors to develop Colombo North Port

Published

21 hours ago

2023/06/5

Thilina Walpola

Sri Lankan delegation led by Minister of Ports, Navigation and Aviation Nimal Siripala de Silva meets with the head of PSA International Private Company which carries out the operations and development of the Singapore port.

The Minister of Ports, Navigation and Aviation Nimal Siripala de Silva was on an observation tour on 3rd of June to witness the operations and development of Singapore’s main port. During the tour, he had a special discussion with the head of PSA International Private Company which carries out the operations and development of the Singapore port.

Won Chee Fung, CEO of the company’s Middle East and South Asia arm said if there are investment opportunities for development and operations in the ports of Sri Lanka, they would like to apply for them.

The Minister told him that since the government has planned to start the development of the North Colombo Port, a suitable investment plan and proposal could be made for it. He also requested the heads of PSA International Private Company to provide a suitable proposal for the development of Trincomalee Port.

PSA International is one of the few largest companies operating in ports in the world, and 37,000 million containers are handled per year in Singapore’s main port alone.Officials including Assistant Vice President of PSA Company Lim Wei Chang, Chairman of JCT Oil Bank Company, Lakmal Ratnayake and representatives of the Sri Lankan Embassy in Singapore also participated in this discussion.