Business
ASPI closes at all-time high; CSE proving profitable
By Hiran H.Senewiratne
The CSE is still the most attractive and profitable of places to invest in due to the high inflation and low interest rate regime in the country. Accordingly, the All Share Price Index of the stock market surged by 399.81 points yesterday to close at an all-time high of 12,625.82, stock market analysts said.
Headline inflation, as measured by the year-on-year (YOY) change in the Colombo Consumer Price Index (CCP1), increased to a record 12.1 per cent in December 2021 from 9.9 per cent in November 2021.On an annual average basis, the CCPI increased to 6 per cent in December 2021 from 5.3 per cent in November 2021.
The Central Bank said an in-depth analysis of the key drivers of current inflation suggests that a large component of inflation is driven by supply-side factors.
Amid those developments the stock market was positive throughout the day and most of the valued counters showed a considerable price appreciation backed by LOLC Group counters. LOLC Group counters, including LOLC Finance 79.5 points, Commercial Leasing and Finance 58.2 points, LOLC Holdings 50.2 points, Browns Investments 35 points and Expolanka Holdings (Not a LOLC Group company) 50 points contributed to the All Share Price Index yesterday, which broke a record by being the highest intra-day level.
During the day market commenced trading at 10.30 am and at the end of the day both indices moved upwards. All Share Price Index went up by 399 points and S and P SL 20 rose by 114 points. Turnover stood at Rs 9.6 billion with six crossings. Those crossings were reported in Prime Lanka Residence ,which crossed 21.7 million to the tune of Rs 256 million and its shares traded at Rs 11.80, Royal Ceramic 750,000 shares crossed for Rs 59.25 million, its shares traded at Rs 79, Ambeon Holdings one million shares crossed for Rs 51 million, its shares traded at Rs 51, Renuka Holdings two million shares crossed for Rs 41 million, its shares traded at Rs 20.50, LOLC Holdings 300,000 shares crossed for Rs 35.4 million and it shares fetched Rs 1180 and Kotagala Plantations 2.5 million shares crossed for Rs 21 million, its shares traded at Rs 8.
In the retail market top seven companies that mainly contributed to the turnover were Browns Investments Rs 1.52 billion (86.7 million shares traded), LOLC Finance Rs 890 million (35.7 million shares traded), Co-operative Insurance Rs 680 million (81.9 million shares traded), LOLC General Insurance Rs 481 million (22.2 million shares traded), Expolanka Holdings Rs 452 million (1.1 million shares traded), Commercial Leasing and Finance Rs 305 million (8.9 million shares traded), Brown and Company Rs 249 million Rs 249 million (636,000 shares traded).
During the day several valued counters share prices appreciated. Those companies were, Tess Agro share price appreciated by 70 per cent or Rs 1.10. Its share price started trading at Rs 1.50 and at the end of the day it moved to Rs 2.60, LOLC Finance share price appreciated by 34 points or Rs 2.80. Its share price shot up to Rs 26.80 from Rs 20, Industrial Asphalts share price appreciated by 28 per cent or 20 cents. Its share price moved to 90 cents from 70 cents, Softlogic Holdings share price appreciated by 24 per cent or Rs 8.10. Its share price shot up to Rs 42.40 from Rs 34.30, Watawala Plantations share price appreciated by six per cent or Rs 8.25. Its share price appreciated to Rs 138.25 from Rs 130 and Singer Sri Lanka share price appreciated by 13 per cent to Rs 2.60. Its shares started trading at Rs 19.90 at the end of the day they moved to Rs 22.70. During the day 773 million share volumes changed hands in 73000 transactions,
Yesterday the US dollar was quoted at Rs 202.18, which was the Central Bank controlled price. But the actual price in the market is more than Rs 250 per US dollar.
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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