Business
Speculation on impending tax hikes brings down bourse
By Hiran H.Senewiratne
CSE stocks slipped in mid-day trade yesterday, pushed down by retail and banking shares. During the day selling pressure was noted due to the forthcoming budget to be presented to parliament on August 30 by the Finance Minister/ President Ranil Wickremesinghe, which hinted at probable government revenue increases through taxes, stock market analysts said.
“We are seeing profit- taking in index heavy shares that gained in the previous sessions and are seeing a lot of selling in the banking shares because the investors are speculating on a domestic debt recovery to take place. Further, tax increase would likely affect many sectors in the stock market, analysts told The Island Financial Review.
Both the Central Bank Governor Nandalal Weerasinghe and the co-Cabinet spokesperson said that a local debt restructuring will not take place as it will collapse the already illiquid banking system.
Amid those profit- takings, speculation on the interim budget tax increases has created some negative investor sentiment. Therefore, both indices moved downwards. The main All -Share Price Index declined 60.29 points (0.66 per cent) to end at 9011.24 and S and P SL20 declined by 45.28 points (1.51 per cent) to end the day at 2944.50.
Turnover stood at Rs 2.55 billion with three crossings. Those crossings were reported in JKH, which crossed 1.2 million shares to the tune of Rs 159 million, its shares traded at Rs 123.50, Kahawatte Plantations one million shares crossed to the tune of Rs 36.5 million, its shares traded at Rs 36.50 and Horana Plantations 500,000 shares crossed to the tune of Rs 30.5 million; its shares fetched Rs 61.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 430 million (2.4 million shares traded), Expolanka Holdings Rs 277 million (1.2 million shares traded), Kotagala Plantations Rs 187 million (20.1 million shares traded), Kahawatte Plantations Rs 100.3 million (2.6 million shares traded), Horana Plantations Rs 79 million (1.4 million shares traded), Browns Investments Rs 70.7 million (8.9 million shares traded) and Asiya Siyaka Commodities Rs 67.6 million (16.8 million shares traded). During the day 115 million share volumes changed hands in 31000 share transactions.
Yesterday, the Central Bank’s dollar selling rate was Rs 368.71 and the selling rate Rs 357.40.
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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