Business in Brief

Group CEO for ERI

Olancom Pvt Ltd Chairman Eric B. Wickramanayake has been appointed as the group CEO for the ERI Group of Companies from today. He is also the Chairman of Enterprise Technology Pvt Ltd, and a Director of South Asia Textiles Pvt Ltd which are subsidiary companies of ERI Group.

Wickramanayake had his early education in Sri Lanka, Thailand, and Singapore and graduated from the Singapore American School in 1980.

Indices witness heavy dips

The Colombo equity market started the new week with a significant downfall where indices witnessed heavy dips.

ASI declined by 57.58 points (-0.97%) to close at 5,972.94 while sensitive MPI decreased by 62.72 points (-1.23%) to settle at 5,020.43.

Market turnover was posted at Rs.434.5 million.

Commercial Bank Plc (Rs.141.8 million) topped the turnover and John Keells Holdings Plc (Rs.94.9 million) and Environmental Resources Plc (Rs.21.9 million) made significant contributions to the turnover. COMB recorded three crossings of 1.3 million shares at a price of Rs.100.00.

Meanwhile, Environmental Resources Plc, ACME Printing and Packaging Plc and HVA Foods Plc depicted active levels of trading during the day.

Foreign participation stood at 32.3% of the total market activity and at the end of the day foreign investors were the net sellers with a net foreign outflow of Rs.43.5 million.