Business
ASPI reaches record 9339 points
By Hiran H.Senewiratne
CSE yesterday catapulted to a new high in terms of price indices, turnover and volume on the back of improved sentiment triggering strong buying. For example, the All- Share Price Index reached a highest ever recorded 9339 points yesterday. Until then, the highest level to be reached was 9335 points on September 2, stock market analysts said.
Initially, the CSE was bullish and in the middle of the session some profit takings were witnessed. However, later notable buying interest was indicated. Sri Lanka stock index gained 3.69 percent on Monday, after the new Central Bank Governor Ajith Nivard Cabraal’s statement over the weekend pointed to some stable interest rates and exchange rates in the near future, brokers said.
The market has suffered a net foreign outflow of over Rs 43.2 billion so far this year. It is said that foreigners seized the opportunity to exit with net selling (mainly in JKH), amounting to Rs. 723 million. Further, foreign investors sold a net Rs 722 million worth of shares on Monday.
Amid those developments both indices moved upwards. The All-Share Price Index went up by 69.63 points and S and P SL20 rose by 37.2 points. Turnover stood at Rs 6.6 billion with three crossings. Those crossings were JKH, which crossed 1.6 million shares to the tune of Rs 225.6 million and its shares traded at Rs 139, Hayleys PLC 500,000 shares crossed for Rs 59.3 million, its shares traded at Rs 106.75 and Browns Investments five million shares crossed for Rs 49.5 million, its shares fetching Rs. 9.90.
In the retail market, some companies that mainly contributed to the turnover were, Expolanka Holdings Rs 2.2 billion (11.2 million shares traded), Browns Investments Rs 942 million (95.7 million shares traded), LOLC Finance Rs 374.6 million (37.4 million shares traded) and Commercial Leasing Rs 347 million (10.6 million shares traded). During the day 263 million share volumes changed hands in 38000 transactions. It is said that the market turned buoyant on the first day of the week with the ASPI surpassing the 9,000 level and recording its biggest single-day gain in the last seven months (330 points) to reach a three-week high, led by price gains in index-heavy LOLC Group of companies and Expolanka.
In the meantime, Nation Lanka Finance PLC and Singhaputra Capital Investments Limited are planning an amalgamation as a consolidation plan to meet the Rs 2.5 billion capital adequacy ratio. Therefore, Nation Lanka Finance is now in consultation with major shareholders of Singhaputra Capital Finance Limited and have reached a decision to pursue an alternative method, which will enabled Nation Lanka Finance to satisfy the capital infusion by way of a private placement. Both companies have entered into a share subscription agreement, stock market analysts said.
Yesterday, the US dollar reached the parity rate of Rs 200.3362.
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
