Business
CSE investor sentiment hit by Russia-Ukraine tensions; crude oil prices reach $ 100 per barrel
By Hiran H.Senewiratne
CSE investor sentiment was affected yesterday by the global tensions stemming from the Russia-Ukraine crisis. Consequently, global crude oil prices reached more than US $ 100 per barrel, which would heap an additional burden on the Sri Lanka economy, stock market analysts said.
The stock market was halted for 30 minutes yesterday by another circuit breaker due to the S&P SL20 index dropping over 5 per cent from the previous day’s close. This is the fourth time the market halted over the past four days.
The stocks had risen steadily for several years and are going through a correction, amid macro-worries. Power cuts, fuel shortages and forex crises have eroded investor confidence this week. The increase in global fuel prices would create further inflationary pressures on the economy, stock analysts said.
Yesterday the All- Share Price Index decreased by 560.7 points and S and P SL20 went down by 197.5 points. Turnover stood at Rs 3.7 billion with two crossings. Those crossings were reported in Guardian Capital Partners, which crossed 4.4 million shares to the tune of Rs 138 million and its shares traded at Rs 32.30 and Renuka Hotel PLC 800,000 shares crossed to the tune of Rs 70.4 million, its shares traded at Rs 88.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings, Rs 767 million (eight million shares traded), Browns Investments Rs 317 million (239,000 shares traded), LOLC Holdings Rs 205 million (239,000 shares traded), LOLC Finance Rs 169 million (8.9 million shares traded), Hayleys PLC Rs 157 million (1.5 million shares traded), Royal Ceramic Rs 150 million (2.7 million shares traded) and Access Engineering Rs 118 million (4.7 million shares traded) During the day 169 million share volumes changed hands in 43000 share transactions.
First Capital said the bourse headed to the red zone with a steep fall one more time during the week amid the escalation of uncertainties. CSE halted twice for 30 minutes while S&P SL20 index fell initially by 5.0 per cent and then by 7.5 percent following major panic selling by investors, resulting in the ASPI recording an intraday decline of nearly 800 points.
It is said that high net worth and institutional investor participation was noted in Hayleys, LOLC Holdings and Royal Ceramics. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Royal Ceramics, while retail interest was noted in Browns Investments, SMB Leasing and Industrial Asphalts.
Meanwhile, the US dollar rate was quoted at Rs 203.35, which was the CBSL’s controlled price. The actual market price would be Rs 250 or above and the US dollar would touch more than Rs 300 towards the end of the year, financial 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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