Business
Heavy sellouts in CSE’s index-heavy counters
By Hiran H. Senewiratne
The CSE posted its third consecutive sharp fall yesterday amid relatively low investor activity but turnover was heathy and above average.
The market was highly volatile at the beginning of the session, witnessed some positive trends later on but finally turned negative because there were heavy sellouts in index heavy two counters in Expolanka Holdings and LOLC Holdings, stock market analysts said.
This heavy sell out situation was made use of by bargain hunters during the day and indices fell to three-week lows, recording a second consecutive session of losses due to price declines in heavyweight counters across sectors, market analysts said.
It is said the ASPI commenced the session with sharp volatility, dropping 165 points in early trade and immediately surged 173 points to reach an intra-day high of 13,218 (+7 points). Thereupon, the index trended downwards dragged by price declines in LOLC (-2.4 per cent), Samapth Bank (-2.1per cent) and Expolanka Holdings (-1.4per cent).
Amid those developments both indices showed a downwards trend. The All- Share Price Index went down by 180 points and S and P SL20 declined by 78.16 points. Turnover stood at Rs 7.6 billion with two crossings. Those crossings were reported in Chevron Lubricants, which crossed 252,000 shares to the tune of Rs 39.9 million, its shares traded at Rs 122.50 and Access Engineering 635,000 shares crossed for Rs 21.9 million, its shares traded at Rs 34.50.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs 2 billion (5.3 million shares traded), Browns Investments Rs 736 million (46.7 million shares traded), Softlogic Life Insurance Rs 613 million (four million shares traded), LOLC Holdings Rs 235 million (196,000 shares traded), DIMO Rs 220 million (157.000 shares traded), Hayleys Rs 215 million (1.5 million shares traded) and LOLC Finance Rs 205 million (eight million shares traded). During the day 232 million share volumes changed hands in 59000 transactions.
The Capital Goods sector was the top contributor to the market turnover (due to Access Engineering and Royal Ceramics) while the sector index lost 0.61 percent. The share price of Access Engineering recorded a gain of 80 cents to close at Rs. 35. The share price of Royal Ceramics declined by 70 cents (0.91per cent) to close at Rs. 76.
The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index decreased by 1.42 per cent. The share price of Expolanka Holdings decreased by Rs. 5.25 (1.37 per cent) to close at Rs. 377.
Separately, JKH, On’ally Holdings and JAT Holdings announced their interim dividends of 50 cents, Rs. 2.10 and 25 cents per share respectively.
Yesterday, the US dollar was quoted at Rs 202, which was the Central Bank controlled price to prevent price escalation of imported essential items in the country. The actual price of a US dollar would be more than Rs 250, market sources said.
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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