Business
Non-nationals seeing greater value in listed equities; end July net foreign inflow to CSE Rs. 784 million
By Hiran H.Senewiratne
The CSE ended July with a net foreign inflow of Rs. 784 million, as non-nationals appear to see greater value in listed equities.
The inflow also helped to reduce the year to date net outflow to Rs. 384 million as opposed to Rs. 1.1 billion as at end June and Rs. 1.7 b as at end March and Rs. 2.7 billion at the end of January, stock market analysts said.
Amid those developments CSE trading activities were positive throughout yesterday due to some degree of political stability being established in the country. The country recorded a trade surplus in June with private credit smashed to resurrect a soft-peg and a fuel credit line from India running out, but forex shortages persist amid money printing, forced dollar sales and forex sales, analysts explained.
Imports fell 26 per cent to US$ 1,226 million in June, while exports rose 23.9 per cent to US $1,249 million, giving a trade surplus of US $ 21 million with hardly any inflows to the government.
Expat workers remitted US $ 274 million through official channels. In June there was a lockdown style scenario, as the country ran out of fuel due to forex shortages. Non-oil imports collapsed 35.6 per cent to US $1,026 million.
This scenario created some positive sentiments towards the stock market yesterday. Although mixed reactions were witnessed in the stock market there was considerable investor participation and satisfactory turnover yesterday. The All- Share Price Index went up by 37.4 points and S and P SL20 declined by 9.5 points. Turnover stood at Rs 1.8 billion with a single crossing. The crossing was reported in JKH, which crossed 470,000 shares to the tune of Rs 470,000 shares, a share fetching Rs 119.75.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 421 million (4.6 million shares traded), Expolanka Holdings Rs 288 million (1.7 million shares traded), Dipped Products Rs 128 million (3.4 million shares traded), Browns Investments Rs 99.5 million (14.2 million shares traded), Kelani Valley Plantations Rs. 58.4 million (572,000 shares traded), Hayleys Rs. 48.4 million (627,000 shares traded) and Hayleys Fabrics Rs 41.9 million (1.1 million shares traded). During the day 75.7 million share volumes changed hands in 220,000 share transactions.
Further, stock market investor sentiment will likely increase with the reducing fuel prices this week. Sri Lanka- imported refined fuel/petrol is being benchmarked on a Singapore petroleum formula, which was US $ 157 per barrel and has now gone down to US $ 112. This would create some additional relief for the Sri Lanka economy, market analysts said. Yesterday, the Central Bank- announced US dollar parity rate was Rs 358.71. The buying rate was Rs 357.27 and the selling rate Rs 368.50.
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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