Business
Year-to-date net foreign inflow Rs. 10 billion; CSE indices up
By Hiran H.Senewiratne
The year-to-date net foreign inflow to the CSE rose to Rs. 10 billion, largely driven by Japan’s SG Holdings buying into Sri Lanka’s most valuable blue chip Expolanka Holdings PLC.
According to stock market analysts, the previous day’s net inflow was Rs. 9.97 billion with September alone so far contributing Rs. 9.4 billion. The near Rs. 10 billion mark was boosted by an infusion of Rs. 2.4 billion on the previous day. In September so far foreign buying into Expolanka Holdings amounts to Rs. 10.5 billion.
This is the first time in four years that the CSE has seen a net foreign inflow. Last year net foreign outflow was Rs. 53 billion and in 2020 it was Rs. 51 billion and Rs. 11.7 billion and Rs. 23 billion respectively in the preceding years.
CSE shares moved up in mid-morning trade in the last half hour yesterday, recovering marginally from a three-session fall. The stock market slightly recovered in the last half hour because India said yesterday it had begun talks with Sri Lanka on restructuring its debt and promised to support the crisis-hit neighbour mainly through long-term investments after providing nearly US $4 billion in financial aid.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 12.1 points and the S and P SL20 index rose by 31.3 points. Turnover stood at Rs 4.6 billion with three crossings. Those crossings were reported in Expolanka Holdings, which crossed 4.1 million shares to the tune of Rs 934 million and its shares traded at Rs 228, Lanka IOC 257,000 shares crossed to the tune of Rs 70.5 million, its shares traded at Rs 282 and CIC Holdings 750,000 shares crossed to the tune of Rs 67.5 million, its share price was Rs 90.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 734 million (2.5 million shares traded), ACL Cables Rs 330 million (three million shares traded), Expolanka Holdings Rs 274 million (1.2 million shares traded), Print Care Rs 151 million (1.8 million shares traded), Hayleys Rs 124 million (1.3 million shares traded), Lankem Development Rs 114 million (3.2 million shares traded) and First Capital Treasuries Rs 89.6 million (4.4 million shares traded). During the day 112 million share volumes changed hands in 36000.
Yesterday the Central Bank-announced US dollar buying rate was Rs 359.18 and the selling rate Rs. 369.94. However, Sri Lanka’s inflation increased to 70.2 per cent in August from 66.7 per cent in July. The year- on -year food inflation was 84.6 per cent in August compared to 82.5 per cent in July this year, Census and Statistics Department sources 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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