Business
CSE’s bearish run proving costly
By Hiran H.Senewiratne
The CSE has seen a bearish run during the last few days and that has wiped off Rs. 475 billion in value in just 10 market days so far in February, with previous day adding Rs. 143 billion, stock market analysts said..
Yesterday the stock market witnessed some volatility in the morning and it fell by 190 points. Later it recovered but went down again. During the latter part of the day or last hour it signaled some stability and turned positive and closed with marginal gains, analysts said.
With these developments both indices moved upwards. All Share Price Index went up by 7.4 points and S and P SL20 rose by 18.9 points. This upward trend indicated some stability following its regulator, Securities and Exchange Commission’s, new rule to all stockbrokers and stock broking firms to report all credit that has been extended to investors, on a weekly basis. This created some panic in the market initially because stock brokers limited the credit extended to investors, market analysts said.
With this new rule the market moved downwards and some brokers recovered their funds and some reduced their credit to investors, analysts added.
Consequently, turnover stood at Rs 3.3 billion with two crossings. Those crossings were reported in Asiri Surgical Hospitals, which crossed 7.3 million shares to the tune of Rs 120 million, its shares traded at Rs 18 and Seylan Bank (Non Voting) one million shares crossed for 41 million, its shares traded at Rs. 41.
In the retail market, top five companies that mainly contributed to the turnover were; LOLC Rs 458 million (1.37 million shares traded), Haycarb Rs 220 million (2.1 million shares traded), Dipped Products Rs 212 million (3.5 million shares traded), Vallibel One Rs 205 million (3.4 million traded) and Hayleys Rs 201 million (2.99 million shares traded). During the day, 113.7 million share volumes changed hands in 27237 transactions.
It is said that the market was volatile throughout the day because investors have become worried with the spreading of the Covid 19 new variant and also because of the political uncertainty due to issues on the diplomatic front with China and India.
Sri Lanka rupee was quoted around 197.50/198.00 levels to the US dollar in the spot-next market on Wednesday, while bond yields quoted wider, dealers said.
The rupee last closed in one-week forward market at 197.50/198.50 levels on Tuesday. In the secondary market bond yields edged up drastically, dealers said.
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
Rahuman questions sudden cancellation of leave of CEB employees
