Business
Share price depreciations in several companies; National Long-Term Rating downgrades for 10 local banks
By Hiran H.Senewiratne
CSE trading experienced a decline due to witnessing some selling pressure on Softlogic Life and Softlogic Capital stocks yesterday. Consequently, other companies too noted price depreciations, stock market analysts observed.Market shares fell in mid- day trade, due to a negative sentiment among investors resulting from continuing delays in processing the IMF loan that was supposed to be acquired by the first quarter of 2023.
“We think debt restructuring could be pushed back to end-2023 due to delays in the IMF programme, a Standard Chartered Research report said.
“IMF Board approval for Sri Lanka’s Extended Fund Facility (EFF) programme has been delayed as negotiations with bilateral lenders are taking longer than expected. We now expect board approval to happen in Q2-2023 (versus Q1 previously), given the delays in securing financing assurances from bilateral creditors, the statement said.
Sri Lanka is expecting a further contraction in the economy after negative growth in 2022, Cabinet spokesperson Bandula Gunawardena said. A World Bank report previously said the gross domestic product of Sri Lanka was expected to contract 9.2 percent in 2022 and a further 4.2 percent in 2023.Amid those developments both indices moved upwards. The All- Share Price Index went down by 71.47 points and S and P SL20 declined by 18.38 points.
Turnover stood at Rs 1.5 billion with two crossings. Those crossings were reported in Lanka IOC, which crossed 200,000 shares for Rs 35.8 million, its shares traded at Rs 179 and LB Finance 715,000 shares crossed to the tune of Rs 26.1 million, its shares traded at Rs 36.50.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital Rs 575 million (34.6 million shares traded), Softlogic Life Insurance Rs 258 million (2.3 million shares traded), Lanka IOC Rs 70.9 million (397,000 shares traded), Expolanka Holdings Rs 49.2 million (286,000 shares traded), Browns Investments Rs 33 million (5.2 million shares traded), Jetwing Symphony Rs 27.8 million (four million shares traded),Melstacorp Rs 27.5 million (598,000 shares traded). During the day 80.8 million share volumes changed hands in 16000 transactions.
Fitch Ratings has downgraded the National Long-Term Ratings of 10 local banks following the recent sovereign downgrade and recalibration of the agency’s Sri Lankan national rating scale.The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of Sri Lanka’s Long-Term Local Currency Issuer Default Rating (IDR) to ‘CC’ from ‘CCC’/Under Criteria Observation on December 1, 2022.
Fitch typically does not assign Outlooks or applies modifiers to sovereigns with a rating of ‘CCC+’ or below. This would negatively impact banking sector counters.Yesterday the Central Bank- announced US dollar buying rate was Rs 360.99 and the selling rate Rs 371.46.
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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