Business
Inadequate foreign funds inflow having CSE investors worried
By Hiran H.Senewiratne
CSE investor sentiment was negative yesterday because investors were worried over the fact that loans and foreign funds expected by the country have not materialized fully to date. However, on the previous day investor mood was upbeat because the CSE recovered dramatically by registering the highest single-day points gain, stock market analysts said.
Sri Lanka printed large volumes of money to keep interest rates low from early 2020, which has resulted in forex shortages and high inflation, besides other issues. These problems have resulted in investor confidence eroding in a big way, market analysts said.
The CSE started on a positive note but later turned negative due to the country’s external and internal environmental issues. Both indices declined. The All- Share Price Index went down by 193 points and S and P SL20 declined by 72.4 points. Turnover stood at Rs 3 billion which was below last year’s average level of Rs. 3.5 billion. But two crossings were reported. Those crossings were reported in Asia Capital, which crossed 12.7 million shares to the tune of Rs 88.9 million; its share price was Rs 67 and Browns Investments 7.6 million shares crossed to the tune of Rs 83.6 million, and its shares traded at Rs 11.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Rs 792 million (2.7 million shares traded), Browns Investments Rs 265 million (23.2 million shares traded), Lanka IOC Rs 259 million (4.5 million shares traded), LOLC Finance Rs 152 million (8.4 million shares traded), Royal Ceramic Rs 109 million (two million shares traded), LOLC Holdings Rs 81 million (94000 shares traded) and Softlogic Capital Rs 74.6 million (six million shares traded). During the day, 143 million share volumes changed hands in 36000 share transactions.
It is said that high net worth and institutional investor participation was noted in Hayleys, Sunshine Holdings and ACL Cables. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Royal Ceramics, while retail interest was noted in Browns Investments, LOLC Finance and SMB Leasing non-voting.
With the Central Bank deciding to free float the currency, the majority of the dollar earning companies gained significantly enjoying higher investor confidence, although turnover and retail participation were at a low level. Yesterday the US dollar parity rate was Rs 251.96.
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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