Business
Low bank interest rates encouraging people to invest in bourse – top CSE official
By Hiran H.Senewiratne
Low bank interest rates are encouraging people to invest in the CSE. This has resulted in a boom in the market, a top CSE official said.
“Today, the total bank deposit amounts to Rs. 10 trillion and most people are looking at investing their funds in high yielding avenues because bank interest rates are around four to five percent. Therefore, investing in the CSE has become the best option, CSE – Head-Market Development Niroshan Wijesundara told The Island Financial Review.
He said people have changed their investment options to the CSE. Owing to that when compared to 2019 in 2020 investor participation has increased by 51 percent. Further, most stocks are undervalued and the people are taking that advantage as well, Wijesundara said.
According to Wijesundera market capitalisation at the CSE from 1st to 21 January touched Rs. 3699.7 billion. ‘It is a clear indication that there is a big boom in the market, he said.
Amid those developments, the All Share Price Index increased by 230.92 points to 8694.35 yesterday while S and P SL20 increased by 207.12 or 625 percent to 3519.47. The turnover stood at Rs. 14.99 billion with ten crossings. Those crossings were reported in TJ Lanka, where 4.8 million shares crossed for Rs. 214 million, its shares traded at Rs. 45, HNB (Non Voting) 1.4 million shares crossed for Rs. 172 million and its shares traded at Rs. 125, Commercial Bank 1.1 million shares crossed for Rs. 109 million, its shares traded at Rs. 103, JKH 615,000 shares crossed for Rs. 105.2 million and HNB (Voting) 406 million shares crossed for Rs. 58.9 million and its shares traded at Rs. 145.
Meanwhile, Ceylon Cold Stores 43,400 shares crossed for Rs. 31.5 million, its shares traded at Rs. 725, Lion Brewery 45000 shares crossed for Rs. 26.6 million, its shares trading at Rs. 590, Sampath Bank161,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 165, Hayleys 26000 shares crossed for Rs. 20.8 million, its shares trading at Rs. 800 and Expolanka 350,000 shares crossed for Rs. 20.5 million, its shares fetching Rs. 58.50.
In the retail market top five contributors to the turnover were; Expolanka Rs. 1.8 billion (29.9 million shares traded). LOLC Rs. 1.64 billion (4.3 million shares traded), JKH Rs. 1.13 billion (6.3 million shares traded), Dipped Products Rs. 887 million (1.4 million shares traded) and Industrial Asphalts Rs. 710 million ( 635 million shares traded). During the day 996 million share volumes changed hands in 67878 transactions.
During the day banking sector counters noted significant appreciation of their stocks and several index heavy companies such as, JKH, Dipped Products and Melstacorp showed significant appreciation in their stocks.
Sri Lanka’s rupee quoted firmer around 196.50/198 to the US dollar in spot next market on Monday while bond yields remained unchanged, dealers said. Rupee last closed around 197/200 in the spot-next market on Friday against the greenback with deals done around 198 levels, market participants said. There were spot interventions at 195.50 levels.
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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