Business
Lanka IOC stocks contributing to CSE’s bullish trend
By Hiran H.Senewiratne
CSE trading was bullish throughout yesterday, driven mainly by Lanka IOC stocks. This momentum and the macroeconomic conditions are seeing positivity coming into the market in the new month as we get closer towards a possible IMF program, a top market analyst said.
“Yesterday’s price revision is also working well with Lanka IOC being a driver in the market. It recorded a 11.6 per cent or Rs 10.40 gain. Its share price moved to Rs 99.70 from Rs 89.30 yesterday. There is some progress in some economic reforms; meanwhile, we are seeing good earnings in dollar companies, market analysts added.
The bourse extended its bull rally for the third straight session with strengthened investor sentiment over the country’s economic and political environment with possible indications on an all-party government in the making, while President Ranil Wickremesinghe revealed that he expects an IMF staff level agreement by end of August.
Further, with the global oil price decline Lanka- IOC and CPC, under their formula, could sell fuel below the Rs 370 level. This could enable absorption of CPC losses to a break-even level, stock market analysts said.
Amid those developments both indices moved upwards with the All- Share Price Index gaining 138.95 points (1.79 per cent) to end at 7907.52 and S and P SL20 going up by 67.73 points (2.77 per cent )to end the day at 2512.82. Turnover stood at Rs 2.38 billion with two crossings. Those crossings were reported in Melstacorp, which crossed 4.7 million shares to the tune of Rs 195 million, its shares traded at Rs 41 and JKH 275.000 shares crossed to the tune of Rs 32.9 million; its shares traded at Rs 119.75.
In the retail market, top seven companies that contributed to the turnover were; Lanka IOC Rs 583 million (six million shares traded), Expolanka Holdings Rs 185 million (one million shares traded), ACL Cables Rs 158 million (3.9 million shares traded), Browns Investments Rs 92.8 million (13 million shares traded), Hayleys Fabrics Rs 84.1 million (2.2 million shares traded), JKH Rs 83.6 million (699,000 shares traded) and Hayleys Rs 72 million (883,000 shares traded). During the day 93 million share volumes changed hands in 24000 transactions.
It is said that net foreign outflows are still at a low level and in the previous year they recorded Rs 370 million. But there is an increase of net inflows to a stable level. The stock market could cover up all losses to some extent.
The market has lost 36.5 per cent so far this year after being one of the world’s best stock markets with an 80 per cent return last year, when large volumes of money were printed.
Sri Lanka’s sovereign debt default on April 12 has already led the country to be rated with restricted/selective default rating by rating agencies, which has weighed on investor sentiment.
Investors are also concerned over the steep fall of the rupee from Rs 203 to Rs 370 so far in 2022.Yesterday the Central Bank’s US dollar buying rate was Rs 357.30 and selling rate Rs 368.53.
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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