Business
Bourse turns volatile and negative but turnover hits Rs. 6 billion
By Hiran H.Senewiratne
The CSE lost its winning streak in terms of the benchmark index, but investors remained bullish propelling the turnover to a healthy Rs. 6.billion with over 252 million shares traded yesterday.
However, during the day the market was volatile and remained negative. During the latter part of the day the market was dragged down by index heavy LOLC Group company, Commercial Leasing and Finance, stock market analysts said.
Commercial Leasing and Finance shares witnessed heavy selling pressure and its share price depreciated by 18 percent or Rs 11.10, thus contributing 157 negative points to the All- Share Price Index. Its shares started trading at Rs 61.90 at the end of the day, its price dropped to Rs 50.80.
Amid those developments both indices indicated mixed reactions. All Share Price Index went down by 157.58 points and S and P SL20 was up by 10.68 points. Turnover stood at Rs 6.48 billion with two crossings. Those two crossings were reported in HNB, which crossed 700,000 shares to the tune of Rs 105 million and its shares traded at Rs 150 and NDB 400,000 shares crossed for Rs 28.2 million, its shares traded at Rs 70.50.
In the retail market top seven companies that mainly contributed to the turnover were, Browns Investments Rs 1.2 billion (85.3 million shares traded), Expolanka Holdings Rs 825 million (2.9 million shares traded), Commercial Leasing and Finance Rs 754 million (14.5 million shares traded), Vallibel One Rs 520 million (6.9 million shares traded), LOLC Finance Rs 285 million (11 million shares traded), Softlogic Life Insurance Rs 238 million ( 5.7 million shares traded) and LOLC Holdings Rs 150 million (153,000 shares traded) During the day 252 million share volumes changed hands in 49000 transactions.
It said high net worth and institutional investor participation was noted in LOLC Holdings. Mixed interest was observed in Expolanka Holdings, Vallibel One and Brown & Company, while retail interest was noted in Browns Investments, Softlogic Capital and Lanka Orix Finance.
After witnessing a strong first half, the ASPI reversed its intra-day gains, led by a pull-back in heavyweights Commercial Leasing and Finance and LOLC Finance and closed out the session with modest losses, while the more liquid S&P SL20 index held steady ground to continue its upward trend for the eleventh consecutive session and supported by price gains in Expolanka, LOLC, Vallibel One and Browns.
Softlogic General Insurance will go for an IPO. It will open on December 16 and will issue 120 million shares at Rs 7.90 per share value to raise Rs. 948 million.
Yesterday, the US dollar rate was quoted at Rs 201.93, which was an artificially controlled price of the Central Bank to prevent price escalations in essential imported items. At present the actual US dollar rate is sky-rocketing, which is about to touch more than Rs 250.
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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