Business
Positive sentiment stemming from local political developments boosts share market
By Hiran H.Senewiratne
The CSE commenced on a low note yesterday as its indices continued to pull back due to extended profit-taking in heavyweight, banking and manufacturing sectors. But in the last half an hour the market showed some recovery and buying interest increased due to positive sentiment in the local arena, stock market analysts commented.
When all global stock markets are going through a downturn due to the economic recession, the CSE showed some positive sentiment following President Ranil Wickremesinghe’s fruitful bilateral discussions with Japanese Foreign Minister Yoshimasa Hayashi and Singaporean Prime Minister Lee Hsien Loong yesterday, market analysts said.
Further, Power and Energy Minister Kanchana Wijesekera’s assurance on September 27 that measures have been taken for the CEB to maintain power generation without extending power cuts from Wednesday, despite the Norochcholai breakdown, gave some impetus to stock market investors.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 17.4 points and S and P SL20 rose by 25 points. Turnover stood at Rs 5.8 billion with four crossings. Those crossings were reported in Expolanka Holdings, which crossed ten million shares to the tune of Rs 2.3 billion and its shares traded at Rs 228, Commercial Bank five million shares crossed for RS 275 million and its shares traded at Rs 55, Central Finance 850,000 shares crossed to the tune of Rs 58 million and its shares traded at Rs 69 and Hela Apparel three million shares crossed for Rs 37.2 million, its shares traded at Rs 12.40.
In the retail market seven companies that mainly contributed to the turnover were, Lanka IOC Rs 676 million (2.3 million shares traded), ACL Cables Rs 538 million (4.7 million shares traded), Expolanka Holdings Rs 365 million (1.6 million shares traded), First Capital Holdings Rs 95.5 million (5.6 million shares traded), First Capital Treasuries Rs 73.8 million (3.3 million shares traded), Richard Pieris Rs 65 million (two million shares traded) and Lankem Development Rs 61 million (1.7 million shares traded). During the day 118 million share volumes changed hands in 29000 transactions.
It is said the market commenced the week on a negative note with profit- taking visible on selected stocks as investors cut their margin positions ahead of the month end.
Meanwhile, Retail, Capital Goods and Materials sectors majorly pulled down the index whereas Plantation and Hotel sector counters witnessed an upsurge during the day.
The Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings), while the sector index gained 1.24 per cent. The share price of Expolanka Holdings increased by Rs. 2.75 (1.24 per cent) to close at Rs. 223.75.
The Capital Goods sector was the second highest contributor to market turnover (due to JKH and ACL Cables), while the sector index decreased by 2.13 per cent. The share price of JKH moved down by Rs. 3 (2.10 per cent) to close at Rs. 139.75. The share price of ACL Cables recorded a loss of Rs. 1.75 (1.61 per cent) to close at Rs. 107.25.
The year-to-date net foreign inflow to the CSE crossed the Rs. 13 billion mark on the previous day, fuelled by continuous buying into Expolanka Holdings by its parent SG Holdings of Japan.
The CSE saw a net buying of Rs. 1.8 billion on the previous day, of which Expolanka Holdings accounted for Rs. 1.7 billion. Of the Year to Date figure, Rs. 12.5 billion had been in September so far. The net foreign buying at CSE is after four years of outflow.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 359.18 and the selling rate Rs 369.93.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
