Business
CSE plunges to eight-month low as rising market interest rates take their toll
By Hiran H.Senewiratne
The CSE plunged to an eight-month low yesterday as rising market interest rates and an economic crisis, that has now turned into a political crisis, weighed on investor appetite, stock analysts said.
The market started in a negative manner at the beginning but became positive to a great extent for the market to recover. Political instability and the long New Year holidays next week produced lower investor participation, analysts added.
Market analysts said that investors are extremely concerned and are not holding on to shares for long and that sentiments have hit rock bottom. Speculation of an at least 300 basis point policy rate hike previously led to a market fall as many investors are expected to switch to fixed assets a day after the 364-day T-bill rates jumped to over 15 percent.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 69.9 points and S and P SL20 declined by 43.3 points. Turnover stood at Rs 1.2 billion without any crossings. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 471 million (2.1 million shares traded), Browns Investments Rs 97.5 million (16.2 million shares traded), Hayleys Rs 72.6 million (one million shares traded), LOLC Holdings Rs 64.5 million (162,000 shares traded), JKH Rs 48.6 million (347,000 shares traded), LOLC Finance Rs 44.8 million (5.7 million shares traded) and Royal Ceramic Rs 42.8 million (1.2 million shares traded). During the day 58 million shares changed hands in 15413 transactions.
Brokers said investors opt for stocks to hedge against inflation. Sri Lanka’s rupee has fallen nearly 60 per cent since it was allowed flexibility on March 7. However, the market has witnessed a total foreign outflow of Rs 1.49 billion so far this year.
It is said high net worth and institutional investor participation was noted in several blue-chip companies. Mixed interest was observed in LOLC Holdings, Access Engineering and Royal Ceramics, while retail interest was noted in Browns Investments, LOLC Finance and Expolanka Holdings.
It is said the Transportation sector was the top contributor to market turnover (due to Expolanka Holdings), while the sector index lost 10 per cent. The share price of Expolanka Holdings decreased by Rs. 16.25 (9.73 per cent) to close at Rs. 150.75.
The Food, Beverage and Tobacco sector was the second highest contributor to market turnover (due to Browns Investments), while the sector index decreased by 3.87 per cent. Browns Investments shares lost Rs. 1 (14.29 per cent) to close at Rs. 6.
Yesterday the dollar was quoted at Rs 319.99. But in the kerb market the dollar is much higher than the Central Bank rate.
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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