Business
Negative investor sentiment triggers circuit breaker at CSE but turnover remains healthy
By Hiran H. Senewiratne
The CSE suffered a temporary setback yesterday with the halting of trading around 1.45 pm as an index of liquid stocks plunged below 5 per cent in intra-day trading because of panic selling of mainly index weighted blue-chip counters.
The S&P SL 20 index fell 5.01 per cent, after earlier recovering from a 4.8 per cent fall but recorded a healthy turnover level, which was above the annual average level of Rs 3.5 billion. The broader All Share Index was down 4.45-pct. The circuit breaker occurred in the stock market due to negative sentiments on the macroeconomic front, especially stemming from power cuts and the foreign exchange crisis, stock market analysts said.
Stocks have been driven by loose monetary policy both at home and abroad. Some stocks have been bought as an inflation hedge with the rupee expected to fall. Others have also benefited from import controls. Sri Lanka’s loose monetary policy however has led to increasing external weaknesses which have translated into disrupted supplies, market watchers said.
The All- Share Price Index went down by 542 points and S and P SL20 declined by 203.9 points. Turnover stood at Rs 4.2 billion without a single crossing.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs one billion (4.3 million shares traded), Browns Investments Rs 350 million (26.2 million shares traded), Commercial Leasing and Finance Rs 314 million (four million shares traded), LOLC Finance Rs 268 million (11.4 million shares traded),LOLC Holdings Rs 137 million (132,000 shares traded), Dialog Rs 132 million (11.5 million shares traded) and Softlogic Life Insurance Rs 129 million (one million shares traded). During the day 221 million share volumes changed hands in 45000 transactions.
Separately, Nestle Lanka, Hatton National Bank and Hatton National Bank non-voting announced their interim dividends and scrip dividend of Rs 20, Rs 6.50 cash and Rs.2.50 scrip, for voting and non -voting, while HNB Assurance announced a first and final dividend of Rs 3.20 per share. Nestle Lanka announced a final dividend of Rs 35 per share.
Yesterday, the US dollar rate was quoted at Rs 202.66, which was the controlled price of the Central Bank. If the Central Bank allowed a free float of the rupee, it would touch Rs 250, market analysts 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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