Business
‘Forced selling’ by some investors dampens market
By Hiran H.Senewiratne
The CSE suffered further setbacks yesterday as both indices declined. Stockbrokers believe that forced selling of shares by some investors put some index heavy companies’ activities on to a negative trajectory, market analysts said.
Some banks and finance companies offer credit facilities to investors to invest in the stock market against their existing portfolio or by keeping their stocks as collateral. With the dropping of the market, the last resort available for investors is to sell their stocks and settle the credit facility to the respective bank or finance company. This is one of the main reasons for the stock market downturn, market analysts added.
Index experienced downward movement yesterday followed by a short-lived uptrend during the early hour of trading but thereafter witnessed a strong downtrend once again. Therefore, both indices witnessed a downward trend. All Share Price Index went down by 191.05 points and S and P SL20 declined by 52.98 points.
Turnover stood at Rs. 3 billion with two crossings. Those crossings were reported in Lion Brewery, which crossed 328,000 shares to the tune of Rs. 177 million, its shares traded at Rs. 540 and Commercial Bank 1 million shares crossed for Rs. 84.5 million, its shares trading at Rs. 84.50.
In the retail market, top five companies that mainly contributed to the turnover were, LOLC Rs. 555 million (1.8 million shares traded), Browns Investments Rs. 296 million (56.4 million shares traded), Expolanka Rs. 290 million (6.6 million shares traded), JKH Rs. 250 million (1.7 million shares traded) and Dipped Products Rs. 127 million (3 million shares traded). During the day, 133.8 million share volumes changed hands in 22972 transactions.
Sri Lanka’s rupee was quoted steady at 196.00/196.50 levels to the US dollar in the one-week forwards market on Thursday while bond yields edged up marginally after the monetary policy review, dealers said.
The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Wednesday. Sri Lanka’s Central Bank decided to keep the interest at current levels. It said it will keep the interest rate low.
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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