Business
CSE’s early momentum fizzles out over IMF-linked worries
By Hiran H.Senewiratne
The CSE at the beginning witnessed some positive momentum yesterday due to inflation coming down to 4.6 percent and investors expecting the Central Bank to reduce policy rates further. But towards the latter part of the day, the market turned negative, over worries that there would be delays in implementing IMF recommendations and other issues, market analysts said.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 59.47 points and S and P SL20 declined by 28.92 points. Turnover stood at Rs 2.9 billion with two crossings. Those crossings were reported in HNB, which crossed 625,000 shares to the tune of Rs 110 million; its shares traded at Rs 176 and Melstacope Rs 9.80 worth shares crossed for 252,000 to the tune of Rs 20.1 million.
In the capital market top seven companies that mainly contributed to the turnover were, Capital Alliance Rs 326 million (3.6 million shares traded), JKH Rs 266 million (1.4 million shares traded), HNB Rs 263 million (1.4 million shares traded), Hayleys Fabrics Rs 216 million (4.7 million shares traded), Pan Asian Bank Rs 139 million (6.2 million shares traded), First Capital Holdings Rs 117 million (1.9 million shares traded) and Distilleries Rs 81.8 million (3.44 million shares traded).
It is said high net worth and institutional investor participation was noted in Windforce, Lankem Developments, and Melstacorp. Mixed interest was observed in Capital Alliance, Hayleys Fabric and First Capital, while retail interest was noted in Hela Apparel Holdings, Amana Bank and SMB Leasing nonvoting.
The Diversified Financials sector was the top contributor to the market turnover (due to Capital Alliance and First Capital Holdings) while the sector index lost 0.30 percent. The share price of Capital Alliance gained Rs. 11.90 to reach Rs. 89.40. The share price of First Capital Holdings recorded a gain of Rs. 4.20 to reach Rs. 59.
The Utilities sector was the second highest contributor to the market turnover (due to Windforce), while the sector index increased by 0.93 percent. The share price of Windforce increased by 20 cents to reach Rs. 19.10.
Yesterday the rupee opened at Rs 323.75/324.00 to the US dollar, after closing on Monday at Rs 323.50/324.50 to the US dollar, dealers said.
A bond maturing on 01.07.2025 was quoted up at 13.50/60 percent on Tuesday after closing at 13.15/45 percent on Monday. A bond maturing on 15.05.2026 was quoted at stable at 12.90/13.10 percent after closing at 12.90/13.00 percent on Monday.
A bond maturing on 15.09.2027 was quoted stable at 12.95/13.05 percent after closing at 12.95/13.10 percent.
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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