Business
CSE sustains recovery momentum, ending November on positive note
By Hiran H. Senewiratne
The CSE yesterday sustained its new-found momentum, rising by over 3 per cent, thereby enabling it to finish November on a positive note after the dip in October. This time the market bounced back strongly, reflecting positive sentiments for the fifth consecutive day, stock market analysts said.
Positive investor sentiments were established on the basis of positive comments from the Governor of the Central Bank over market rates, eventually seeing an ease despite fears over successful domestic debt restructuring. Analysts further stated that Treasury related stocks have also been activated due to downward movements in yield.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 52.56 points and S and P SL20 rose by 13.34 points. Turnover stood at Rs 3.1 billion with three crossings. Those crossings were reported in Expolanka Hodings, which crossed 4.1 million shares to the tune of Rs 817 milllion, its shares traded at Rs198, Asiya Syaka Commodities 10 million shares crossed for Rs 43 million, its shares traded at Rs 4.30 and Sierra Cables 3 million shares crossed to the tune of Rs 33 million and its shares traded at Rs 11.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 470 million (2.3 million shares traded), Expolanka Holdings Rs 299 million (1.5 million shares traded), Browns Investments Rs 229 million (31.2 million shares traded), LOLC Finance Rs 175 million (21.4 million shares traded), Sunshine Holdings Rs 72.1 million (1.9 million shares traded), First Capital Holdings Rs 63.6 million (2.4 million shares traded) and LOLC Holdings Rs 58.8 million (138,000 shares traded). During the day 176 million share volumes changed hands in 23000 transactions.
It is said high net worth and institutional investor participation was noted in Overseas Realty, Lanka IOC and Kelani Tyres. Mixed interest was observed in Expolanka Holdings, First Capital Holdings and Capital Alliance, while retail interest was noted in Browns Investments, SMB Leasing (voting and nonvoting) and LOLC Finance.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments) while the sector index gained 3.27 per cent. The share price of Browns Investments increased by Rs. 1 (15.38 per cent) to close at Rs. 7.50.
The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Finance) while the sector index increased by 6.66 per cent. The share price of LOLC Finance appreciated by Rs. 1.30 (20 per cent) to close at Rs. 7.80.
Even in the international arena the market conditions were quite positive. Chair of the Federal Reserve of the United States Jerome Powell said that the speed of the interest rate hike would reduce and the European Union seems to be moving out of recession worries. This has also created some positive sentiment for local markets as well, analysts said.Yesterday the Central Bank- announced US dollar buying rate was Rs 361.25 and the selling rate Rs 371.72.
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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