Business
CSE trading halts twice for second consecutive day; ASPI down 5.27 per cent
By Hiran H.Senewiratne
The CSE halted trading twice for the second consecutive day yesterday at 11.10 am as an index of liquid stocks plunged over 7.5 per cent in intra-day trading. The broader All- Share Index was down 5.27 per cent, sources said.
“The market had been halted for 30 minutes due to the S&P SL20 index dropping over 7.5 per cent from the previous close, as set out in SEC Directive dated April 30, 2020, CSE sources said.
Sri Lanka stocks have been on the decline since the Central Bank allowed flexibility in the currency. The currency has fallen over 50 per cent so far since it was allowed flexibility on March 7.
Market analysts have expected a long overdue correction, amid macro-worries. The stock market has 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, stock market analysts said.
Others have also benefited from imports controls. Sri Lanka’s loose monetary policy however has led to increasing external weakness which has translated into disrupted supplies, analysts said.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 333 points and S and P SL20 declined by 153 points. Turnover stood at Rs 3.2 billion with a single crossing. The crossing was reported in Melstacorp, which crossed four million shares to the tune of Rs 168 million, its shares traded at Rs 42.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 830 million (3.8 million in shares traded), Browns Investments Rs 273 million (35.2 million shares traded), Chevron Lubricants Rs 244 million (2.7 million shares traded), LOLC Finance Rs 214 million (19.3 million shares traded), LOLC Holdings Rs 175 million (290,000 shares traded), Hayleys Rs 129 million (1.6 million shares traded) and JKH Rs 123 million (839,000 shares traded). During the day 164 million share volumes changed hands in 30000 transactions
The stock market yesterday suffered a fresh jolt with trading suspended for a half-hour following the S&P SL20 index dropping by 5 per cent as local investor sentiment remained besieged. The setback was despite improved turnover and volume while foreigners continue to be net buyers, market sources said.
Yesterday the US dollar was quoted at Rs 298 selling rate and Rs 288 buying rate. The Central Bank imposed certain rules to control the price but this has not been effective, informed 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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