Business
Share market investors discouraged by ongoing trade union action
By Hiran H. Senewiratne
CSE trading had improved but was highly volatile yesterday due to the negative impact of some global economic developments. Likewise, share market investors are discouraged by ongoing local trade union action in the country, stock market analysts said.
Consequently, the market ended with mixed reactions amid anticipation that the state’s discussions with the IMF would conclude after March 20, 2023, an analyst added.
“The overall sentiment is positive but shows some mixed reactions. The market is in recovery mode and profit- taking is coming to an end along with renewed investor interest, this analyst explained.
Amid those developments, the All- Share Price Index went up by 59.6 points and S and P SL20 declined by 4.28 points. Turnover stood at Rs 1.45 billion with one crossing. The crossing was reported in Hayleys, which crossed 839,000 shares to the tune of Rs 65.4 million; its shares traded at Rs 78.
In the retail market top seven companies that mainly contributed to the turnover were; HNB Rs 213 million (1.6 million shares traded), Lanka IOC Rs 106.4 million (583,000 shares traded), JKH Rs 82.7 million (590,000 shares traded), ACL Cables Rs 74 million (865,000 shares traded), Softlogic Capital Rs 72.6 million (5.9 million shares traded), Piramal Glass Rs 56.1 million (2.9 million shares traded) and Expolanka Holdings Rs 42.3 million (285,000 shares traded). During the day, 52 million share volumes changed hands in 17000 transactions.
Financial indexes are seeing interest yet again due to the IMF approaching Sri Lanka, as bilateral creditors have provided their assurances and Sri Lanka has implemented IMF backed policies for a US $ 2.9 billion loan, an analyst said.
However, Power and Energy counters have been losing ever since Education Minister Susil Premajayantha signaled possible price cuts in fuel and electricity as low fuel demands have been seen, resulting in investors speculating on lower revenues and returns, pushing the index down.
“The Minister of Energy said by June the tariff will be revised again. We have to be patient. We have not become Venezuela or Argentina. We have not become a Pakistan. The inflation is coming down. The rupee that was at 362 against the USD is now at 307. Now it has further come down, Premajayantha said.
It is said that mixed interest was observed in Lanka IOC, Expolanka Holdings and Sampath Bank, while retail interest was noted in SMB Leasing nonvoting, Industrial Asphalts and Softlogic Capital.
The Utilities sector was the top contributor to the market turnover (due to Vidullanka), while the sector index gained 0.33 per cent. The share price of Vidullanka increased by 10 cents to Rs. 6.
The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp), while the sector index decreased by 0.75 per cent. The share price of Melstacorp closed flat at Rs. 58.
Yesterday the rupee opened around Rs 325/330 to the US dollar in the spot market and was quoted at around Rs 329/330 in late morning trade, dealers said. The rupee closed around Rs 320/328 to the US dollar Monday.
Sri Lanka’s rupee has gained from around Rs 360 to the US dollar after the guidance peg was relaxed and appreciated to below 320 as banks and dollar holders sold down their holdings.
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.”
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