Business
CSE edges-down on profit-taking; spotlight on banking sector counters
By Hiran H.Senewiratne
The CSE edged-down yesterday on profit- taking as the market had continuously been in the green after debt restructuring assurances by major creditors, a market analyst said.
“Profit- taking can be observed as the market was active during the past few days due to investors being overwhelmed by China’s debt restructuring assurance, he said.
“It is mainly taking place in the banking sector counters because everyone has brought in lower prices and are making money at this level, the analysts explained.Amid those developments both indices moved downwards. The All-Share Price Index went down by 96.5 points and S and P SL20 dipped by 36.7 points.
Turnover stood at Rs 1.7 billion with three crossings. Those crossings were reported in JKH, which crossed 500,000 shares to the tune of Rs 71 million, its shares traded at Rs 142.25, Expack Corrugated Cartons 1.5 million shares crossed for Rs 26.3 million, its shares traded at Rs 17.50 and Hayleys PLC 300,000 shares crossed to the tune of Rs 23.4 million, its shares fetched Rs 78.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital PLC Rs 185 million (14.8 million shares traded), JKH Rs 177.4 million (1.2 million shares traded), Lanka IOC Rs 97.7 million (498,000 shares traded), Royal Ceramic Rs 95.1 million (2.7 million shares traded), Lanka Wall Tiles Rs 80.8 million (1.3 million shares traded), Capital Alliance Rs 77.8 million (2.2 million shares traded) and Sampath Bank Rs 73.3 million (1.3 million shares traded).
It is said high net worth and institutional investor participation was noted in Hayleys, Melstacorp and Lanka IOC. Mixed interest was observed in Royal Ceramics, JKH and Lanka Walltiles while retail interest was noted in Alumex, Softlogic Capital and Browns Investments.
The Capital Goods sector was the top contributor to the market turnover (due to Hayleys, Royal Ceramics and JKH), while the sector index gained 2.34 per cent. The share price of Hayleys increased by 80 cents to Rs. 78.20. The share price of Royal Ceramics gained Rs. 2.30 (7.19 per cent) to Rs. 34.30. The share price of JKH recorded a gain of Rs. 2.25 to Rs. 142.50.
The Materials sector was the second highest contributor to the market turnover (due to Alumex), while the sector index increased by 1.60 per cent. The share price of Alumex appreciated by 60 cents (7.32 per cent) to close at Rs. 8.80. Melstacorp was also included among the top turnover contributors. The share price of Melstacorp closed flat at Rs. 60.
High net worth but low profile investor Dr. T. Senthilverl yesterday entered Sri Lanka’s most diversified blue chip Hayleys PLC, picking-up 2.8 million shares for Rs. 218 million or Rs. 78 per share. The seller was Sri Lanka Insurance Life Fund which as of end December 2022 held 1.6% or 12.3 million shares.Yesterday, the Central Bank’s US dollar buying rate was Rs 311.62 and the selling rate Rs 328.90. Exporters are reportedly now grumbling that their profits are going down due to the rupee appreciation against the US dollar.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
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