Company filings and market news from across Sri Lanka's stock market.
Experts at a CMA seminar said Budget 2025 has strengths but flagged practical concerns and tax risks, including taxing foreign service income at 15%, raising capital gains tax to 15%, and replacing SVAT with a risk-based refund; speakers urged focus on debt sustainability and SME support.
Sri Lanka's ASPI fell 1.96% to 16,345.01 as stocks pulled back, dragged by financials amid thin turnover of LKR 2.3bn and a net foreign outflow of LKR 64m. Top decliners included Ceylinco, Commercial Bank, HNB, Melstacorp and LOLC while banking stocks saw the highest turnover.
LOLC General Insurance PLC (LGIL.N0000) won five awards at the Emerging Asia Insurance Awards 2024, including "Best General Insurance Company" and honors for customer orientation and risk management. LOLC Life Assurance was first runner-up for Best Life Insurance and runner-up for Best Risk Management.
Colombo market closed marginally higher with ASPI +0.2% and S&P SL20 +0.6% on turnover of Rs.5.5bn. Banking led turnover (30%) and gained 1.25%; notable moves included Sampath +Rs1, Commercial Bank +Rs2, Sierra Cables +Rs0.40, Lanka IOC +Rs0.50 and LOLC -Rs4, with net foreign outflow of Rs.93m.
ASPI rose ~232 points (1.41%) to 16,578 as the Colombo market returned to positive territory with turnover of Rs.3.58bn. Ceylinco, Central Finance, Sampath, LOLC and NDB were top positive contributors while CTC, HNB and SPEN weighed on the index; Ambeon, JKH and Printcare also gained.
LOLC General Insurance signed an MoU with Hatton National Bank to expand bancassurance operations and offer HNB customers integrated insurance solutions.
LOLC Life Assurance hosted its inaugural MDRT Summit and Recognition Night, celebrating over 70 MDRT qualifiers in 2024 including Court of the Table, Top of the Table and two lifetime members. The company outlined its MDRT roadmap and readiness plans for 2025 to support further growth.
Colombo market opened February lower as the ASPI and S&P SL20 fell about 1%. Turnover was Rs.3 billion with foreigners net sellers of Rs.179.3m; key decliners included HNB, LOLC, BUKI, CARS and CFIN, while SPEN, TJL and CCS were notable gainers.
Colombo market turned bearish as the ASPI slipped 2 points to 17,115 on turnover of Rs.7.34bn and a net foreign outflow of Rs.2.2bn led by JKH; capital goods led turnover while NDB, COOP, AEL and Sierra Cables rose and Browns, Royal Ceramics, Melstacorp, LOLC and Hayleys lagged.
Digital Mobility Solutions Lanka (PickMe) reported its highest quarterly Group operating profit for Oct–Dec 2024: 3Q operating profit rose 45% to Rs. 396 million and profit after tax was Rs. 293 million. The group declared a Rs. 1 interim dividend, logged nine-month revenue of Rs. 4.1 billion (up 47% YoY), and its shares have risen since the October IPO.
Browns Agriculture unveiled the TAFE Dynatrack tractor and the IoT-integrated Browns Sumo Rice Mill at a 29 Jan 2025 briefing. The mill processes up to 1,000 kg/hr, cuts energy use by 40% and offers remote monitoring; the Dynatrack features a Simpson engine, 12×12 gears and 2-ton lift.
Colombo bourse sustained upward momentum as the ASPI rose 0.4% and the S&P SL20 gained 0.3% on turnover of Rs.6.35 bn; BIL, RICH, HNB, CFIN and LOLC were top positive contributors while JKH fell. Foreign investors were net sellers with a Rs.300 mn outflow.
LOLC Holdings' subsidiary LOLC Technologies has partnered with Microsoft to integrate Azure into its FusionX core-banking platform to add scalability, AI-driven analytics and enhanced cybersecurity. The move aims to speed product development, enable cloud-native updates and support international growth.
Colombo bourse hit record highs as ASPI rose 197 points (1%) to 17,025, led by banking stocks with Hatton National Bank up to Rs. 360.50 amid share-split rumours. Turnover was Rs. 9.78bn, banking and consumer stocks dominated activity and foreign investors were net sellers of Rs. 565.6m.
LOLC Life Assurance (part of LOLC Holdings) launched Health Maxx, a health insurance plan offering Rs. 100 million coverage and 20 flexible plans. The product includes an auto-refill benefit that doubles coverage when used, a self-retain option, maternity cover for up to four deliveries, broad inpatient and day-care treatment cover, and a rewards card.
LOLC Holdings PLC and Browns Investments PLC held the groundbreaking for a $120 million Marina at Colombo Port City, saying it will reshape Sri Lanka's tourism and maritime industries. The 37,776 sqm marina will berth up to 200 boats, target completion by 2027, and aims to attract foreign investment and jobs.
Colombo Stock Exchange rose as the ASPI closed up 1.42% at 16,152.35 and the S&P SL20 gained 2.02% to 4,905.19. Buying was concentrated in large-cap bluechips and banks, with DFCC, Sampath, NDB, HNB and Commercial Bank among top contributors.
Browns Investments PLC (BI) held the groundbreaking for a USD 120 million Marina Development at Port City Colombo on 10 Jan 2025, a JV with China Harbour Engineering Company, with completion targeted by 2027.
Sri Lanka stocks closed up Friday, with the ASPI rising 0.73% to 15,926.00, led by financial, consumer and hotel stocks. Top contributors included HNB, LOLC, Hemas, Browns and Royal Ceramics, with turnover at 3.7 billion rupees.
Sri Lanka's stock market fell 0.89% (ASPI 15,811.36) on Thursday, led by financial stocks as offshore investors net-sold Rs 37m, extending three-session outflows to Rs 315m; top drags included Sampath Bank, Commercial Bank, DFCC Bank and LOLC.
LOLC Holdings PLC held its second Global IT Conference themed 'AI and Digital for Business' with 100+ technology leaders from over 20 countries, highlighting AI adoption and showcasing the group's FusionX next‑generation core banking solution.
Browns Investments PLC and LOLC Holdings PLC are joint partners in the Port City Marina development, which breaks ground Friday and will have capacity for 243 vessels. The Cabinet approved Colombo Marina Development Ltd. as a strategic venture, enabling incentives and leasing four plots for the project.
Colombo bourse ended a four-week winning run as the ASPI fell 299 points to 16,049 (-1.83%) and the S&P SL20 dropped 2.24%; turnover was Rs.11.48bn and foreigners were net buyers of Rs.142m. Sampath, Commercial Bank, LOLC, Melstacorp and Hayleys were among the top negative contributors while JKH gained.
After a 26-day rally, the CSE reversed course: ASPI fell 299.13 pts to 16,049.42 and the S&P SL20 dropped 46.05 pts to 4,925.82. Turnover was Rs.11.48bn led by Browns Investments (Rs.1.03bn), John Keells (Rs.882m), HNB (Rs.401m), Sampath (Rs.350m) and LOLC (Rs.305m); 189 stocks closed lower.
S&P SL20 rose past the 5,000 mark to 5,001.74, up 0.60% (29.87 points), while the ASPI was up 0.64% at 16,452. The rally is attributed to low interest rates, banks' excess liquidity making margin loans cheap, and positive banking-sector/debt-restructuring news.
Colombo Stock Exchange's ASPI rose 2.53% to 16,348.55 on Jan 2, 2025 (S&P SL20 up 2.26%), with banks and tourism-exposed stocks leading gains and a net foreign inflow of Rs 88.6 million.
Colombo market saw nearly Rs.10bn turnover yesterday as ASPI rose 0.8% (week +4.9%), led by banking and diversified financials; top contributors were HNB, LOLC, DFCC, RCL and MELS, with notable gains in HNB, Commercial Bank, DFCC and LOLC.
Colombo Stock Exchange closed up as the ASPI rose 0.88% to 15,535.60 with turnover of Rs9.8bn, led by banks and diversified financials. Top contributors were HNB (trading contribution Rs2.6bn), LOLC, DFCC, Royal Ceramics and Melstacorp.