Business
Share market: Most sectors witness declines
By Hiran H. Senewiratne
Early trading activities at the Colombo Stock Exchange (CSE) yesterday indicated some positive trend, but during the day the stock market came down due to panic selling by investors, as a result of Fitch Ratings downgrading Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CC’, from ‘CCC’.
The investors were worried that the downgrade reflects an increased probability of a default event in coming months in light of Sri Lanka’s worsening external liquidity position, underscored by a drop in foreign-exchange reserves set against high external debt payments and limited financing inflows. The severity of financial stress is illustrated by elevated government-bond yields and downward pressure on the currency, market analysts said.
Amid those developments, CSE activities were somewhat volatile but notable transactions were reported where Prime Finance, which held 87.27 percent or 105.6 million shares sold its entire stake to HNB Finance for a monetary consideration of Rs 2.1 billion, which took place as a crossing.
Further, the Cooperative Insurance IPO was oversubscribed yesterday on its first day itself, stock market analysts said.
Both indices were down with All Share Price Index down by 85.2 points and S and P SL20 down by 62.7 points. Turnover stood at Rs 5.4 billion with three crossings. Those crossings were reported in Prime Finance, which crossed 105.6 billion to the tune of Rs 2.1 billion and its share price traded at Rs 22.10, Asian Hotels and Properties 1.2 million shares crossed for Rs 54 million and its share price traded at Rs 45 and Hornana Plantations one million shares crossed for Rs 26.9 million and its share price traded at Rs 26.90.
In the retail market top seven companies that mainly contributed to the turnover were Expolanka Holdings Rs 539 million (1.4 million shares traded), Lanka IOC Rs 267 million (5.7 million shares traded), Browns Investments Rs 228 million (16.4 million shares traded), Hayleys Rs 206.8 million (1.5 million shares traded), United Motors Rs 123 million (1.2 million shares traded), Single (Sri Lanka) Rs 113 million (5.7 million shares traded) and LOLC Holdings Rs 107 million (97000 shares traded). During the day notable price appreciations were witnessed. The Singer (Sri Lanka) share price appreciated by seven percent or Rs 1.30. Its share shot up to Rs 19.40 from Rs 18.10 and Lanka IOC share price appreciated by 10 percent or Rs 4.20. Its share price moved to Rs 47.20 from Rs 43.
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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