Business
Indices decline as share market turns negative during latter half of trading
By Hiran H.Senewiratne
Trading activities at the CSE were positive initially yesterday and there was increased buying interest in shares owing to improved investor sentiment subsequent to a Central Bank projection of a five percent growth of the economy this year, stock market analysts said.
However, towards the latter part of the day profit takings were noted and the stock market turned negative, analysts said.
Amid those developments both indices moved downwards. The All Share Price Index went down by 83.17 points and S and P SL20 declined by 25.59 points. Turnover stood at Rs. 3.95 billion with a single crossing. This crossing was reported in Sampath Bank, which crossed 3.5 million shares to the tune of Rs. 173.2 million; its shares traded at Rs. 49.50.
In the retail market five companies that mainly contributed to the turnover were; Expolanka Rs. 1.3 billion (7.8 million shares traded), Browns Investments Rs. 1.1 billion (111 million shares traded), LOLC Finance Rs. 188 million (21.5 million shares traded), Tokyo Cement (Non Voting) Rs. 167 million (3.7 million shares traded) and LOLC Holdings Rs. 106.2 million (200,000 shares traded). During the day 215 million shares changed hands in 29000 transactions.
Further, Nestle’s parent company, Nestle SA, purchased 100,000 shares in Nestle Lanka Plc. The company purchased 49.4 million shares and with the purchase, total shareholding of Nestle SA would be 91.95 percent.
On Monday, market capitalisation had fallen to Rs. 3.80 trillion (after the indices plunged by nearly 4%) from Rs. 3.95 billion but by the previous day it had recovered to Rs. 3.97 trillion – though still marginally below the Rs. 4 trillion threshold last enjoyed on September 9.
It is said high net worth and institutional investor participation was noted in LOLC Finance. Mixed interest was observed in Expolanka Holdings, Hayleys and LOLC Holdings, while retail interest was noted in Browns Investments, SMB Leasing voting and SMB Leasing non-voting. Foreign participation in market activity remained at subdued levels with foreigners closing as net sellers.
Meanwhile, the Sri Lanka rupee exchange rate was quoted at USD 199.64.
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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