Business
Rupee depreciation seen as kindling share purchases; foreign investors comparatively active
By Hiran H. Senewiratne
The CSE witnessed less trading yesterday but foreign investors were somewhat active and trying to purchase more stocks due to the country’s rupee depreciation, stock market analysts said.According to stock brokers, the last ten days’ net foreign inflows were Rs 292 million, which was quite a healthy situation, considering the turbulent times.With the rupee depreciation it is quite cheap for foreign investors to purchase, specially, blue-chip stocks, market sources said.
Therefore, the stock market gained in the first hour of trading despite the low activity level, stemming from the anticipated protest today, which has discouraged investors from being very active in the market, analysts said.
Amid those developments both indices moved upwards. The All-Share Price index went up by 22.8 points and S and P SL20 rose by 18.7 points. Turnover stood at Rs 385 million, sans crossings. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 95.2 million (584,000 shares traded), Lanka IOC Rs 46.6 million (622,000 shares traded), LOLC Holdings Rs 24.9 million (670,000 shares traded), Browns Investments Rs 19.2 million (3 million shares traded), LOLC Finance Rs 16.8 million (2.7 million shares traded), Haycarb Rs 16.2 million (329,000 shares traded) and HNB Rs 15.9 million (204,000 shares traded). During the day 22.9 million share volumes changed hands in 8500 share transactions.
It was noticed that most of the banking sector counters began to plunge amid monetary policy tightening. Further, high net worth and institution investor participation was noted in several blue chip companies, such as, HNB, JKH and Lanka IOC.
Yesterday, the Central Bank announced dollar buying rate was Rs 356.82 and selling rate Rs 367.66. With the introduction of tight monetary policies, depreciation has been controlled to a great extent, financial observers 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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
