Business
Stock market remains under bear hug as key indices end lower
By Hiran H.Senewiratne
For the first time in the new year, the Colombo Stock Exchange (CSE) turned bearish on Monday due to macro concerns as well as profit taking. Trading was sluggish in the early part of yesterday, but it recovered moderately after witnessing some strong buying interest, stock market analysts said.The market commenced the week with a slowdown as the indices snapped their seven-day gaining streak due to a mix of profit-booking in heavyweights and pullback in stocks that recorded unwarranted gains over the last few weeks.
Further, Hunas Falls hotel announced a subdivision of its share. Its one share would be subdivided into a 150 ratio. Due to the announcement it’s share price appreciated by 50 percent or Rs 615. Its share price shot upto Rs 1856 from Rs 1240.
Amid those developments both indices showed a downward trend. All Share Price Index down by 37.42 points and S and P SL20 down by 18.5 points, Turnover stood at Rs 7.9 billion with three crossings. Those crossings were reported in LOLC Finance, which crossed 32 million shares to the tune of Rs 896 million and its share price traded at Rs 28, JKH 270,000 shares crossed for Rs 26.6 million and its share price traded at Rs 156.50 and Hayleys 142,000 shares crossed for Rs 20 million and its share price traded at Rs 141.
In the retail market top seven companies that mainly contributed to the turnover were Expolanka Holdings Rs 726 million (1.9 million shares traded), Browns Investments Rs 682 million (39.8 million shares traded), Sunshine Holdings Rs 549 million (8.2 million shares traded), Vallible One Rs 456 million (five million shares traded), LOLC Finance Rs 398 million (18.6 million shares traded), Softlogic Life Insurance Rs 292 million (305 million shares traded) and Hayleys Rs 472 million (1.9 million shares traded). During the day 357 million share volume changed hands in 54000 transactions.High net worth and institutional investor participation was noted in LOLC Holdings, Lanka Orix Finance and Softlogic Holdings. Mixed interest was observed in Sunshine Holdings, Expolanka Holdings and Vallibel One, whilst retail interest was noted in Browns Investments, SMB Leasing non-voting and Amana Bank.
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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