Business
Ban on open accounts on imports pepping share market
By Hiran H.Senewiratne
CSE investor sentiment is growing positive in tandem with the Central Bank’s decision to ban open accounts on imports. Globally, Sri Lanka is being marked as a strategically important tourism destination and this factor too is benefiting the share market, stock market analysts said.
With the banning of the open account import system by the Central Bank, the importer could open Letters of Credit for imports, through which arrangement banks are ready to issue dollars. This shows stability in the domestic foreign exchange market, analysts observed.
Apart from that, Sri Lanka has now relaxed the mandatory dollar conversion requirements for service exporters to encourage them to bring dollars into the country as the sector has converted only about 20 per cent of the dollars it has earned in the first six months of this year. The proceeds received on or after August 12 will not be required to be converted immediately, a Central Bank source said.
Tourism sector stocks also indicated some active participation. Globally, Sri Lanka has been recognized as a strategically important tourism destination, when other tourist destinations are facing multiple issues in external and internal environments, stock market analysts added.
Amid those developments shares gained over 1 per cent within the first hour of trade yesterday, pushed by index heavy shares. ‘We are seeing investors coming back to the index heavy shares and that’s driving the market up, a market analyst said.
The main All- Share Price Index moved up 111 points. The most liquid index S&P SL20 moved up 66.3 points. Turnover stood at Rs 3.1 billion with a single crossing. The crossing was reported in Melstacorp, which crossed 800,000 shares to the tune of Rs 40 million; its shares traded at Rs 50.
In the retail market, eight companies that mainly contributed to the turnover were, Expolanka Holdings Rs 595 million (2.5 million shares traded), Lanka IOC Rs 327 million (1.8 million shares traded), Agstar Rs 186 million (13.6 million shares traded), Hayleys Fabrics Rs 167 million (four million shares traded), Lankem Develoment Rs 143 million (5.6 million shares traded), Prime Land Residencies Rs101 million (12.6 million shares traded) ,CIC (Voting) Rs 89.7 million (1.4 million shares traded) and CIC (Non- Voting) Rs 88 million (1.9 million shares traded). During the day 130 million share volumes changed hands in 37000 share transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 357.37 and the selling rate Rs 368.69. The country’s inflation is still at a higher level, which is around 58.90 per cent.
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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