Business
Share market pulls back from green territory; mid-day trade slumps
By Hiran H.Senewiratne
The CSE fell in mid-day trade yesterday, having pulled back after continuously being on the green in the past sessions. But banking sector counters showed some selling pressure due to certain comments in the media during the weekend on domestic debt restructuring, analysts said.
The market moved to green with a leap on Friday, generating over Rs 4 billion due to credit assurance from the Paris Club, Non Paris Club and bond holders on the matter of obtaining the IMF bail-out package, market analysts opined.
However, there’s a pull- back consequent to certain media articles on domestic debt restructuring, which resulted in impairing investor perception to greater extent, especially in the banking sector, market analysts added.
Consequently, both indices moved downwards. The All- Share Price Index went down by 78.4 points and S and P SL20 declined by 20.2 points. Turnover stood at Rs 2.3 billion with five crossings. Those crossings accounted for 30 per cent of revenue, analysts explained.
The companies that mainly contributed to the turnover were, Expolanka Holdings, which crossed 900,000 shares to the tune of Rs 172.8 million, its shares traded at Rs 492, JKH 1 million shares crossed to the tune of Rs 145 million, its shares fetched Rs 145, Sampath Bank one million shares crossed for Rs 45.5 million, its shares traded at Rs 45.50, Dialog Axiata 2.6 million shares crossed for Rs 26 million, its shares fetched Rs 10 and Agstar PLC 1.48 million shares crossed for Rs 23 million, its shares traded at Rs 15.60.
In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 308 million (2.1 million shares traded), Expolanka Holdings Rs 288 million (1.5 million shares traded), Aitken Spence Rs 119 million (794,000 shares traded), Lanka IOC Rs 87.1 million (434,000 shares traded), Expact Corrugated Cartons Rs 75.5 million (4.5 million shares traded) and Softlogic Capital Rs 70.6 million (4.2 million shares traded). During the day 73.8 million share volumes changed hands in 17000 transactions.
The banking sector should explore restructuring loans of salaried employees hit by progressive tax, Central Bank Governor Dr. Nandalal Weerasinghe said as progressive income taxes were imposed at lower thresholds amid high inflation following a sovereign default.
There have been complaints mainly by picketing state enterprise executives and also other workers of such agencies, such Sri Lanka Port Authority, that high progressive taxes were putting their bank accounts into overdraft after loan installments were cut.
Yesterday, the Central Bank announced the US dollar buying rate as Rs 359.99 and selling rate as Rs 370.18.
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
