Business
CSE bounces back; manufacturing sector stocks proving attractive for investors
By Hiran H.Senewiratne
The CSE bounced back yesterday, following its biggest fall in two months by the market heavyweight Commercial Leasing and Finance (CLC) on the previous day, with a very healthy record- breaking turnover level.
The main reason for the stock market to become so attractive, is that many investors believe that it is more profitable to invest in stocks rather than invest in government securities and fixed deposits due to the low interest regime.
Further, net foreign outflows amounted to Rs 46.8 billion to date.
Another reason for the stock market to be profitable is because import restrictions by the Central Bank have created the demand for certain products, such as, locally manufactured tiles and ceramic products. Their prices have gone up. Dollar earning companies in the stock market have also performed exceptionally well during the last few months, market analysts said.
Amid those developments the market was positive and showed an upwards trend due to Ex-Pack Corrugated Cartons Ltd.’s shares heavily trading on the first day itself following its IPO. Its listing price was Rs 8.40 and at the end of the day its share price shot up to Rs 17.60, which was a 109 percent or Rs 9.20 gain. Both indices moved upwards. All Share Price Index up by 192 points and S and P SL20 went up by 32.8 points.
Turnover stood at Rs 5.7 billion with two crossings. Those two crossings were reported in JKH, which crossed 610,000 shares to the tune of Rs 89.6 million and its shares traded at Rs 147 and HNB 300,000 shares crossed for Rs 51 million, its shares traded at Rs 170.
In the retail market top six companies that mainly contributed to the turnover were; Ex-Pack Corrugated Cartons Ltd Rs 1.3 billion (75.8 million shares traded), LOLC Finance Rs 816 million (39.8 million shares traded), RIL Properties Rs 400 million (30 million shares traded), Shaw-Wallace Investments Rs 316 million (32.8 million shares traded), Browns Investments Rs 316 million (27.5 million shares traded). During the day 363 million share volumes changed hands in 56000 transactions.
During the day notable buying interest was noted in Shaw-Wallace Investments. Its share price appreciated by 25 percent or Rs 2. Its share price shot up to Rs 10.10 from Rs 8.10. Pan Asian Power share price also appreciated by 21 percent or Rs one. Its shares started trading at Rs 4.70 and at the end of the day they moved up to Rs 5.70.
It said high net worth and institutional investor participation was noted in Access Engineering, Vallibel One and JKH. Mixed interest was observed in R I L Property, Expolanka Holdings and LOLC Holdings, while retail interest was noted in Browns Investments, Lanka Orix Finance and Pan Asian Power.
Separately, Lion Brewery and Lotus Hydro Power announced their interim dividends of Rs. 3.68 and Rs. 1 per share respectively. Yesterday, the US dollar rate was quoted at Rs 202.38, which was the Central Bank’s controlled price to prevent escalation of the prices of essential items.
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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