Business
CSE in its most convincing performance in recent months: indices gain sharply
By Hiran H. Senewiratne
The CSE yesterday produced its most convincing performance in recent months with both indices gaining sharply on high turnover reflecting improved investor sentiment. It is noted that the market was extremely bullish and driven by mainly blue chip counters, especially Expolanka Holdings, stock market analysts said.
The shares rose over 1.5 per cent within the first hour of trading on the hopes of economic stability following President Ranil Wickramesinghe’s policy statement yesterday in parliament. Apart from that, the market had gained for five straight sessions with the generation of June quarter earnings reports and as days draw near to a possible IMF deal, market analysts added.
The main All -Share Price index gained 1.75 per cent or 172 points to 8,080, while the market crossed the 8,000 psychological benchmark after two-months. Most liquid index S&P SL20 climbed 3 per cent or 105 points at the end of the day. Turnover stood at Rs 2.6 billion with a single crossing. One million shares of JKH shares crossed to the tune of Rs 119 million; its shares traded at Rs 119.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 600 million (3.1 million shares traded), Lanka IOC Rs 268 million (2.6 million shares traded), ACL Cables Rs 202 million (4.4 million shares traded), LOLC Finance Rs 178 million (22.1 million shares trade), Browns Investments Rs 158 million (21.3 million shares traded), LOLC Holdings Rs 77.7 million (188,000 shares traded) and JKH Rs 75.2 million (630,000 shares traded). During the day, 123 million share volumes changed hands in 29000 transactions.
It is said following several weeks of moderate buying, the market witnessed buoyant momentum on Tuesday as retail and blue chip investors stepped up buying, targeting deep discounted stocks across sectors. Expolanka Lanka Holdings drove the market along with other bluechip companies. Its share price moved up by Rs 17.50 or 10 per cent to Rs 199.75 from Rs 174.75.
It is said foreigners recorded a net outflow of Rs. 16 million, while their participation increased to 9.7 per cent of turnover (previous day 1.9 percent). Net foreign buying topped at Rs. 7.8 million, while net foreign selling topped in at Rs. 16 million.
It is said that results reported by dollar earnings and plantation counters also fuelled investor confidence. In response to that, the index started off on a solid footing and maintained its steep upward trajectory throughout the session and closed for the day at a two-months high of 8080, gaining 105 points.
Main contributors for the stock market were Expolanka Holdings (32.9 per cent), LOLC Finance (16.7 per cent), LOLC Finance (11.9 per cent), Hayleys (10.4 per cent, Hayleys (10.4 per cent) and Royal Ceramic (9.5 per cent).
Yesterday, the Central Bank’s US dollar buying rate was Rs 357.22 and the selling rate Rs 368.49. The rupee is a bit stable against the dollar due the Central Bank’s prudent monetary policies, economists 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.”
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