An Echelon Media Company
Monday June 3rd, 2024

Sri Lanka stocks extend gains rising 1.9-pct

ECONOMYNEXT – Sri Lanka stocks gained 1.95 percent on Thursday continuing for the second day, pushed up by LOLC Holdings, Brown Investments and John Keells Holdings, Colombo Stock Exchange said.

Turnover was 3.3 billion rupees with 136 stocks gaining and 59 falling.

The Colombo benchmark All Share Price Index gained 148.02 points to close at 7,736.36.

The index fell to a daily low at 7,627.89 in the first hour into trading but picked up and continue to increase throughout the day on Volatile Trading.

The S&P SL20 index of more liquid stocks gained 2.30 percent or 69.57 points to close at 3,097.23.

LOLC Holdings of Ishara Nanayakkara gained 45.75 rupees or 13.38 percent to close at 387.75 rupees.

LOLC Finance, gained 40 cents to close at 7.20 rupees, Browns and Company gained 20.25 rupees to close at 199.00 rupees while Browns investments closed 50 cents up at 5.50 rupees.

John Keells Holdings gained 3.75 rupees to close at 160.00 rupees while Vallibel One fell 10 cents to close at 63.90 rupees.

Hayleys Plc closed 4.30 rupees up at 73.10 with key subsidiaries Dipped Products gaining 1.70 to close at 62.90 rupees and Haycarb Plc gaining 7.75 to close at 119.00 rupees.

The Kingsbury Plc closed 20 cents up at 11.70, Singer Industries Ceylon closed 8.30 rupees up at 98.70 and Unisyst Engineering closed 30 cents up at 15.30 rupees.

Ceylon Tobacco Company closed 15.50 rupees down at 1,084.25 Ceylon Cold Stores closed 1.25 rupees down at 662.50 while Piramal Glass Ceylon closed 20 cents up at 10.00.

Expolanka gain 90 cents to close at 47.90 rupees and Melstacorp Holdings closed 1.10 rupees up at 50.90.

Royal Ceramic Lanka closed 1.75 rupees up at 329.75, Lanka Tiles gained 25 cents to close at 233.75 rupees while Lanka Walltiles closed 25 cents down at 237.00 and Lanka Ceramic closed 2.25 rupees down at 134.25 rupees.

Hatton National Bank closed 50 cents down at 136.00 rupees and Commercial Bank of Ceylon closed flat at 88.20 rupees.

DFCC Bank closed 1.60 cents up at 64.70 rupees and Sampath bank flat at 160.00 rupees while Nations Trust Bank fell 10 cents to close at 58.90 rupees.

Seylan Bank closed 1.20 rupees down at 51.70 and Pan Asia Banking Corporation gained 40 cents to close at 17.80 rupees.

Central Finance Company gained 80 cents to close at 97.60 rupees and Citizens Development Business Finance gained 8.25 rupees to close at 123.25 rupees, Alliance Finance Company gained 1.20 rupees to close at 52.50 rupees.

Sinhaputhra Finance closed 10 cents up at 7.50 rupees. Housing Development Finance gained 10 cents to close at 39.80 rupees while Softlogic finance closed 20 cents down at 10.40 rupees.

Cargills Ceylon fell 75 cents to close at 235.00 rupees, Distilleries Company gained 50 cents to close at 20.50, Hemas Holdings fell 20 cents to close at 85.30 rupees and Ceylon Grain Elevators fell 3.50 rupees to close at 136.25 rupees.

In the hotel sector Eden Hotel Lanka closed 20 cents up at 11.20 rupees, Sigiriya Village hotel closed flat at 33.50, Aitken Spence Hotel Holdings gained 1.00 rupee to close at 31.70 and John Keels Hotels closed 30 cents up at 10.60.

Carson Cumberbatch fell 1.00 rupees to close at 299.00 rupees while Access Engineering gained 70 cents to close at 25.20 rupees.

Nestle Lanka closed flat at 1,171.00 rupees while Aitken Spence Plc closed 10 cents down at 63.20 rupees.

Sri Lanka Telecom closed 90 cents down at 35.70 rupees and Richard Pieris and Company closed 1.00 rupee up at 18.00 rupees while Dialog Axiata closed flat at 12.40 rupees.

Net foreign sales for the day is 123.1 million rupees.

The Capital Goods Industry was the most active, gained 2.5 percent today. (Colombo/Feb18/2021)

Leave a Comment

Your email address will not be published. Required fields are marked *

Leave a Comment

Leave a Comment

Cancel reply

Your email address will not be published. Required fields are marked *

Water levels rising in Sri Lanka Kalu, Nilwala river basins: Irrigation Department

ECONOMYNEXT – Sri Lanka’s Irrigation Department has issued warnings that water levels in the Kalu and Nilwala river basins are rising and major flooding is possible due to the continuous rain. People living in close proximity are advised to take precautions.

“There is a high possibility of slowly increasing prevailing flood lowline areas of Kiriella, Millaniya, Ingiriya, Horana, Dodangoda, Bulathsinhala, Palinda Nuwara and Madurawala D/S divisions of Ratnapura and Kalutara Districts, up to next 48 hours,” it said issuing a warning.

“In addition, flood situation prevailing at upstream lowline areas of Ratnapura district will further be prevailing with a slight decrease.

“The residents and vehicle drivers running through those area are requested to pay high attention in this regard.

“Disaster Management Authorities are requested to take adequate precautions in this regard.”

The island is in the midst of south western monsoon.

DMC reported that 11,864 people belonging to 3,727 families have been affected due to the weather in Rathnapura, Kegalle, Kilinochchi, Jaffna, Mullaitivu, Kalutara, Gampaha, Colombo, Galle, Matara, Hambantota, Puttalam, Kurunegala, Kandy, Nuwara Eliya, Anuradhapura, Polonnaruwa, Badulla, Moneragala, and Trincomalee districts.

Meanwhile, the Meteorology Department stated that showers are expected on most parts of the island today.(Colombo/June3/2024)

Continue Reading

UNP gen secy defends call for postponing Sri Lanka poll, claims opposition silent

The UNP party headquarters in Pitakotte/EconomyNext

ECONOMYNEXT — United National Party (UNP) General Secretary Palitha Range Bandara has defended his call for postponing Sri Lanka’s presidential election by two years, claiming that his proposal was not undemocratic nor unconstitutional.

Speaking to reporters at the UNP headquarters Monday June 03 morning, Bandara also claimed that neither opposition leader Sajith Premadasa nor National People’s Power (NPP) leader Anura Kumara Dissanayake have spoken against his proposal.

“I have made no statement that’s undemocratic. My statement was in line with provisions of the constitution,” the former UNP parliamentarian said.

He quoted Section 86 of Chapter XIII of the constitution which says: “The President may, subject to the provisions of Article 85, submit to the People by Referendum any matter which in the opinion of the President is of national importance.”

Sections 87.1, 87.2 also elaborates on the matter and describes the parliament’s role, said Bandara.

“I spoke of a referendum and parliament’s duty. Neither of this is antidemocratic or unconstitutional. As per the constitution, priority should be given to ensuring people’s right to life,” he said.

“Some parties may be against what I proposed. They may criticse me. But what I ask them is to come to one position as political parties and make a statement on whether they’re ready to continue the ongoing economic programme,” he added.

Bandara claimed that, though thee has been much criticism of his proposal for a postponement of the presidential election, President Wickremesinghe’s rivals Premadasa and Dissanayake have yet to remark on the matter.

“I suggested that [Premadasa] make this proposal in parliament and for [Dissanayake] to second it. But I don’t see that either Premadasa nor Dissanayake is opposed to it. To date, I have not seen nor heard either of them utter a word against this. I believe they have no objection to my proposal which was made for the betterment of the country,” he said. (Colombo/Jun03/2024)

Continue Reading

300 of 100,000 trees in Colombo considered high risk: state minister

ECONOMYNEXT – Trees in Sri Lanka’s capital Colombo are being monitored by the municipal council, Army and Civil Defense Force as the severe weather conditions continue, State Minister for Defense Premitha Bandara Tennakoon said.

“Within the Colombo Municipal Council city limits, there are 100,000 trees. Of these, around 300 are considered high risk,” Tennakoon told reporters at a media conference to raise awareness about the current disaster management situation.

Not all trees required to be cut down he said. “We can trim some of the branches and retain them.”

The problem was that buildings in the vicinity of the tree had cut branches on one side, causing it to become unbalanced, the minister said.

New laws would be brought in so provincial/municipal institutions could strengthen enforcement of building codes.

“We don’t have a single institution that can issue a warning about a tree. Not one to tell us what trees can or cannot be planted near a road.

“Trees should be suitable for the area. Some trees have roots that spread and damage roads, buildings. When the roots can’t go deep, they tend to topple over.

“Now Environment Day is coming up, and anyone can go plant a tree by the road. We have to take a decision about this. We have to enforce laws strongly in future.” (Colombo/June3/2024)

Continue Reading