Business
Selling pressure increases on bourse amid rising domestic turbulence
By Hiran H. Senewiratne
The CSE was highly volatile yesterday in the current socio-political turbulence in the country and notable selling pressure was witnessed. It is said that some investors had sold their stocks whatever the prices they fetched without considering any gains due to the current uncertainty in the country in every aspect, stock market analysts said.
The market on the previous day ended a disastrous month with Rs 1.4 trillion in value being wiped off as investor sentiment nosedived over the government’s failure to resolve multiple crises, market analysts explained.
The index of liquidity stocks dropped 10.42 per cent, with players scrambling to sell out after police tear- gassed protestors outside President Gotabaya Rajapaksa’s residence the previous day.
The market was closed for the rest of the day when the S&P SL20 index dropped over 10 per cent from the previous close. Trading was halted twice as the market fell 2.5 per cent and 5.0 per cent, stock analysts said.
Shares had been soaring over the past year partly driven by inflation expectations and so-called ‘dollarized’ stocks as money was printed to keep interest rates down. However, the country is now close to default, having depleted foreign reserves. Forex shortages have created shortages of cooking gas, fuel and there are daily power cuts, market sources said.
Both indices moved downwards. The All- Share Price Index went down by 552 points and S and P SL20 declined by 314.96 points. Turnover stood at Rs 1.26 billion with a single crossing. The crossing was reported in Browns Investments, which crossed 2.4 million shares to the tune of Rs 20.2 million, its shares traded at Rs 8.60.
In the retail market, top seven companies that mainly contributed to the turnover were; CTC Rs 556 million (1.07 million shares traded), Expolanka Holdings Rs 369 million (1.96 million shares traded), LOLC Holdings Rs 43.6 million (586,000 shares traded), Browns Investments Rs 27.6 million (4.1 million shares traded), Aitken Spence Rs 26.4 million (366,000 shares traded) and Melstacorp Rs19.5 million (501,000 shares traded). During the day 25.5 million share volumes changed hands in 2398 transactions.
Yesterday the US dollar was quoted at Rs 299, which was the Central Bank free float rate of the rupee against the dollar.
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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