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Bull run on CSE ends, but market remains heated
The unprecedented bull run on the Colombo Stock Exchange ended at the close of trading on Friday with the All Share Price Index (ASPI) that hade been galloping for several previous days closing 143.94 points (1.53%) down at 8,668.07 while S&P SL 20 reflecting more liquid (and possibly stronger shares) gaining 8.85 points (0.25%) to close at 3,514,8.
Brokers and analysts said that that the correction process appears to have begun although both indices remain sharply up from levels posted until what one broker called “the crazy upward momentum” began several days ago.
Among the shares that declined Friday were hot counters like those belonging to LOLC Holdings, the Ishara Nanayakkara-controlled conglomerate and several Hayleys Group companies controlled by Mr. Dhammika Perera including the parent and the bigger subsidiaries like Haycarb and Dipped Products.
LOLC was down Rs. 8.50 to Rs. 512.75 on approx. four million shares done at between Rs. 498.25 and Rs. 574 in 3,245 trades when the market closed for the week on Friday. Likewise, the three Hayleys biggies, Hayleys, Haycarb and Dipped Products where 10 for one share splits (each existing share will be subdivided into 10) are pending also lost steam.
Hayleys was down Rs. 30.25 to Rs. 772 on approx. 0.3 million shares done in 592 trades between Rs. 755.50 and Rs. 815.Dipped Products declined Rs. 39.25 to Rs. 703 on approx. 0.5 million shares done between Rs. 680 – 760 on 1,676 trades while Haycarb lost Rs. 85.25 to close at Rs. 1,196 on 0.13 million shares done between 1,165 -1,280 in 662 trades.
The CSE has been posting turnovers running into billions hitting an all time high in the peak of the bull run. A feature of the red hot market was day trading by small investors (as well as some biggies) who took advantage of the upward momentum buying and selling on the same day with no cash outlay and paying only once and not twice on brokerage on two transactions.
“All they had to do was collect their profits at the end of the day,” one broker said. “It was very hard for us because we were getting so many telephone calls and could not offer serious advice because we had no sense of market direction.”
They were not willing to hazard a guess on what will happen when trading resumes on Monday given the way things went on the last several days, but most expected the correction of the ASPI which began on Friday to continue.
“Look at this one example,” one market player said. “Central Finance (CF) closed at Rs. 116.50 on Friday, up Rs. 3.50 on 1.26 million shares done between Rs. 115-135 in 583 trades. DFCC Bank lost 40 cents to close at Rs. 74.10 on 0.77 million shares done between Rs. 73.10 and Rs. 78 in 296 trades. DFCC’s net assets value is way ahead of CF. It makes no sense.”
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
