Business
Banking sector counters boost CSE trading; market indices in notable rise
By Hiran H. Senewiratne
CSE trading activities were positive throughout yesterday because the current economic environment is pushing the index up, especially with respect to the banking counters, a market analyst said.
Banking sector counters are rising over the possibility of the IMF agreement coming to a conclusion in the first quarter of the year as the Central Bank had predicted, market watchers said.Due to positive developments in the external and internal markets, buying interest and turnover levels have improved, they added.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 72.37 points and S and P SL20 rose by 15.8 points. It was reported that the ASPI closed trading at the 9000 points mark for the first time since October 14, 2022. Turnover stood at Rs 1.8 billion with one crossing. The crossing was reported in Melstacorp, which crossed one million shares to the tune of Rs 57.5 million; its shares traded at Rs 53.40.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 277 million (1.3 million shares traded), JKH Rs 237 million (1.6 million shares traded), Softlogic Capital Rs 128 million (7.9 million shares traded), Sampath Bank Rs 105 million (2.3 million shares traded), Expolanka Holdings Rs 68 million (355,000 shares traded), Softlogic Life Insurance Rs 59.9 million (480,000 shares traded), and Expack Corrugated Cartons Rs 57.8 million (3.6 million shares traded). During the day 67 million share volumes changed hands in 19000 transactions.
The market was on red during the previous sessions over delays in financial assurances coming from China, which are mandatory for a US $2.9 billion IMF loan. Besides, a rise in protests against the current tax hike kept investors in check, analysts said.
After the recent fuel revisions, the LIOC counter has seen some interest, pushing the counter up.It is said that high net worth and institutional investor participation was noted in JKH. Mixed interest was observed in Softlogic Life Insurance, Lanka IOC and Expolanka Holdings, while retail interest was noted in Softlogic Capital, Industrial Asphalts and SMB Leasing nonvoting.
The Capital Goods sector was the top contributor to the market turnover (due to JKH) while the sector index gained 0.56 per cent. The share price of JKH increased by 50 cents to Rs. 140.The Insurance sector was the second highest contributor to the market turnover (due to Softlogic Life Insurance), while the sector index increased by 2.56 per cent. The share price of Softlogic Life Insurance gained by Rs. 3.75 (3.11 per cent) to settle at Rs. 124.25. Investors are also expecting a rate cut in the next Monetary Policy Review, analysts said.
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
