Business
Dip in CSE investor participation following policy interest rate hike speculation
By Hiran H. Senewiratne
Investor participation in the CSE was substantially low yesterday as most investors were expecting the Central Bank to hike policy interest rates at the monthly monetary policy review meeting today. The policy rate hike will likely affect equity markets like the stock market and those funds will probably transfer to government securities. However, the government had recently jacked up the Treasury Bond rate, market analysts said.
CSE trading started on a negative note and subsequently recovered for a short period yesterday. But during the latter part of the day the market could not maintain its momentum and moved to negative territory, stock analysts added.
Due to internal and external environmental concerns, stock market investor participation did not reach satisfactory levels. Due to that the turnover level was also below average. The All- Share Price Index went down by 214 points and the S and P SL20 declined by 77 points. Turnover stood at Rs two billion with two crossings. Those crossings were reported in Browns Investments, which crossed ten million shares to the tune of Rs 119 million, its shares traded at Rs 11.90 and TJ Lanka 750,000 shares crossed to the tune of Rs 30.7 million; its shares traded at Rs 41.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 390 million (1.4 million shares traded), Lanka IOC Rs 187 million (2.9 million shares traded), Commercial Leasing and Finance Rs 142 million (three million shares traded), Browns Investments Rs 110 million (9.3 million shares traded), LOLC Finance Rs 87.3 million (3.9 million shares traded), Softlogic Capital Rs 81.3 million (5.6 million shares traded) and LOLC Holdings Rs 77.7 million (830,000 shares traded). During the day 73 million share volumes changed hands in 25000 transactions.
It is said high net worth and institutional investor participation was noted in Sunshine Holdings, LOLC Holdings and Watawala Plantations. Mixed interest was observed in Expolanka Holdings, Commercial Leasing and Finance and Lanka IOC, while retail interest was noted in SMB Leasing voting and nonvoting, Browns Investments and Industrial Asphalts.
The Index inched up at the beginning and displayed a straight fall afterwards while hitting a low. Eventually, the market managed to recover earlier losses during mid-day but failed to retain and traded negatively throughout the session, stock brokers said.
Separately, Lanka Walltiles and Softlogic Life Insurance announced their interim dividends of Rs 1.70 and Rs 2.80 per share respectively.
Yesterday the US dollar was quoted at Rs 201.71, which was the Central Bank controlled rate. But in the outside market, the dollar was selling at Rs 240 and above, financial analysts said. If the government goes to the IMF, the Central Bank will not be able to impose the Rs 203 ceiling, which will allow a free float of the currency.
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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