Business
Buying interest in primary dealer stocks following TB oversubscription
By Hiran H.Senewiratne
CSE trading was down due to a decline in share prices in mainly Index- weighted counters, such as, Expolanka Holdings and Commercial Bank, yesterday. However, buying interests were noted in primary dealer stocks because at the previous day’s Central Bank Treasury Bill (TB) auction, Rs 98 billion worth of TBs were oversubscribed, market analysts said.
It is said that the three-month TB interest rate declined by 63 basis points, six- month TB interest rate declined by 18 basis points and one year TB interest rates declined by 11 points. This declining trend created some interest in primary dealer counters, market analysts said.
The recent comments of the Central Bank Governor Dr Nandalal Weerasinghe to the effect that IMF negotiations are likely to be concluded in the early part of the year, while the inflation projected as per this year would likely to come down, pepped-up the market. These revelations have created some positive sentiment for the stock market, market analysts said.
Amid those developments shares slipped in mid- day trade yesterday, running on prior sentiments of declining interest rates and a heavy liking towards life insurance shares, an analyst said.
Amid those developments both indices moved downwards. The All-Share Price Index went down by 39.82 points and S and P SL20 declined by 13.1 points. Turnover stood at Rs 2.3 billion with three crossings. Those crossings were reported in Agstar PLC, which crossed 4.3 million shares to the tune of Rs 70 million, its shares traded at Rs 16, JKH 428,000 shares crossed to the tune of Rs 59.3 million and its shares fetched Rs 138.50 and RIL Properties Ltd crossed five million shares to the tune of Rs 30 million, its shares traded at Rs 6.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital PLC Rs 502 million (35.2 million shares traded), Hemas Holdings Rs 209 million (3.6 million shares traded), Agstar PLC Rs 140 million (8.2 million shares traded), Capital Alliance Rs 135 million (4.6 million shares traded), Lanka IOC Rs 131 million (652,000 shares traded), Softlogic Life Insurance Rs 119 million (1.2 million shares traded) and JKH Rs 116 million (841,000 shares traded). During the day 120 million share volumes changed hands in 18000 transactions.
It is said high net worth and institutional investor participation was noted in Lanka IOC and Agstar. Mixed interest was observed in Ambeon Capital, Softlogic Life Insurance and Capital Alliance, while retail interest was noted in Softlogic Capital, SMB Leasing non-voting and LOLC Finance.
The Insurance sector was the top contributor to the market turnover (due to Softlogic Life Insurance) while the sector index gained 0.31 per cent. The share price of Softlogic Life Insurance recorded a gain of Rs. 1.40 (1.45 per cent) to close at Rs. 97.90.
The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC), while the sector index decreased by 3.23 per cent. The share price of Lanka IOC decreased by Rs. 7.50 (3.56 per cent) to close at Rs. 203.25.Yesterday, the Central Bank- announced US dollar buying rate was Rs 359.13 and the selling rate Rs 371.57.
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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