Business
Anticipated global recession dampens local share market; indices down
By Hiran H.Senewiratne
The CSE performed negatively yesterday due to internal political instability and the global recession situation expected towards the year end. This resulted in all equity markets coming down yesterday, including that in Sri Lanka, stock market analysts said.
Last Friday, the Dow Jones Industrial Average Index and S and P SL20 index were down. Due to that all Asian and European stock markets or equity markets performed negatively yesterday.
Amid those developments both indices performed negatively. All Share Price Index went down by 82.4 points and S and P SL20 declined by 16.3 points. Turnover stood at Rs 744 million with a crossing. The crossing was reported in Melstacorp, which crossed 2.2 million shares to the tune of Rs 90.2 million; its shares traded at Rs 41.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 100.7 million (1.2 million shares traded), Browns Investments Rs 86.7 million (11.7 million shares traded), Hayleys Rs 57.4 million (795,000 shares traded), Expolanka Holdings Rs 44.6 million (256,000 shares traded), CIC (Non- Voting) Rs 29.4 million (one million shares traded), EML Consultants Rs 28.9 million (5.7 million shares traded) and JKH Rs 23.9 million (199,000 shares traded). During the day 46 million share volumes changed hands in 11000 transactions.
However, the secondary bond market yields decreased considerably during the week ending 22 July 2022, continuing the downward momentum witnessed over the latter part of the previous week. The increase in demand at the weekly Treasury bills auction which saw weighted average rates decreasing across the board for the first time in five weeks coupled with an improvement in investor sentiment were seen as the reasons that led to the downward momentum.
Yesterday, the Central Bank announced US dollar buying rate was Rs 357.46 and the selling rate Rs. 368.50. It is said that the rupee depreciation against the US dollar has been controlled due to the Central Bank’s prudent monetary policies.
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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