Business
CSE turnover hits Rs. 12 billion; investment in stocks gathers pace
By Hiran H.Senewiratne
Weak economic conditions and the lower interest regime propelled stock market activities to a higher level as most investors selected investing in the stock market as a prudent move. These trends resulted in CSE turnover reaching more than Rs 12 billion yesterday, market analysts said.
Despite the satisfactory turnover, both indices showed a downwards trend. Initially, the stock market indices gained the 200- point level and in the second half of the day the CSE witnessed heavy selling pressure on LOLC Group shares, stock analysts said.
Both indices moved downwards and declined by two percent. The All Share Price Index went down by 258 points and S and P SL20 declined by 59.8 points. Turnover stood at Rs 12.2 billion with three crossings. Those crossings were reported in JKH, which crossed 400,000 shares to the tune of Rs 59.2 million, its shares traded at Rs 148, Vallibel One 500,000 shares crossed for Rs 31.5 million, its shares traded at Rs 63 and Access Engineering one million shares crossed for Rs 25 million, its shares fetching Rs 25.
In the retail market top five companies that mainly contributed to the turnover were, LOLC Finance Rs 3.8 billion (160 million shares traded), Browns Investments Rs 2.5 billion (215 million shares traded), RIL Properties Rs 1.4 billion (110 million shares traded), Expolanka Holdings Rs 537 million (2.6 million shares traded) and LOLC Holdings Rs 520 million (783,000 shares traded).
The previous day LOLC Group bull runners witnessed a substantial decline in their shares, especially LOLC Finance that increased its share price in an exceptional manner on the previous day. It declined by seven percent or Rs 1.60. Its shares started trading at Rs 20.90 and at the end of the day they moved down to Rs 19.30.
Another subsidiary of the LOLC Group and the company with the largest market capitalization in the stock market, Commercial Leasing and Finance (CLC) depreciated its share price by 10 per cent or Rs 7.30. Its shares started trading at Rs 72.10 and at the end of the day they moved down to Rs 63. Further, CLC was the largest negative contributor to the All Share Price Index, which contributed 104 negative points. LOLC Development Finance (NIFL) shares declined by Rs 93.25 or 16 percent. Its shares started trading at Rs 580 and at the end of the day they declined to Rs 486.75. During the day 673 million share volumes changed hands in 79000 transactions.
Sri Lanka’s pioneering e-commerce enterprise Kapruka is to list on the CSE via a Rs. 500 million IPO. The funds raised via the IPO will be utilized to upgrade its existing technology and infrastructure and expand its cross-border export activities.
In addition, Kapruka is planning to generate new revenue streams by introducing several new e-commerce products, including a marketplace for premium brands, a used goods marketplace and a wholesale marketplace. The new products are expected to contribute to incremental revenue from around FY2023/24 onward.
Yesterday the US dollar was quoted at Rs 202.05. The Central Bank has imposed a controlled price for the US dollar at Rs 203, to prevent and control inflationary pressure in the country.
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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