Business
Banking sector quarterly results buoy share market
By Hiram Senewiratne
CSE trading was extremely bullish and positive yesterday especially amid expectations that banking sector quarterly results would be exceptionally good. This has resulted in the hope that overall the market is going to perform well, top stock market analysts said.
“This year’s quarterly results are expected to be exceptionally good and two banks, namely Pan Asia Bank and Union Bank, have performed reasonably well, raising expectations that banking sector quarterly results would be exceptionally good, Head of Sales -Softlogic Holdings, Eardley Kern told The Island Financial Review.
Kern said that banks should perform well despite deposits being less in number. On top of that most of the banks made their earnings by investing in international sovereign bonds in the external market and in the Treasury Bill/Bond business, Kern said.
Amid those developments the CSE edged- down yesterday in mid- day trade on profit-taking in the banking index, the largest sector in the stock market. But during the latter part of the session the market picked up and ended in green territory, market analysts said.
The main All- Share Price Index rose 64.2 points and the most liquid index S&P SL20 was up by 34.8 points. Turnover stood at Rs 2.9 billion with two crossings. Those crossings were reported in Richard Pieris, which crossed 7.48 million shares to the tune of Rs 186 million; its shares traded at Rs 25 and Hemas 250,000 shares crossed for Rs 20.8 million and its shares sold at Rs 83.20.
In the retail market top seven companies that mainly contributed to the turnover were, JKH Rs 428 million (2.1 million shares traded), Commercial Bank Rs 179.6 million (1.7 million shares traded), NDB Rs 147 million (1.7 million shares traded), CIC Holdings Rs 124 million (2.1 million shares traded), Sampath Bank Rs 122 million (1.5 million shares traded), Lanka IOC Rs 89.3 million (723,000 shares traded) and Pan Asia Bank Rs 83.7 million (4.2 million shares traded). During the day 78.9 million share volumes changed hands in 24000 transactions.
It is said the bourse moved on an upward trajectory displaying a volatile trend as it closed the day on a positive note. Selected banking sector shares, namely Commercial Bank, Sampath Bank and Seylan Bank, alongside blue-chip companies backed the index exceptionally well to continue its positive momentum in the green zone.
Treasury shares witnessed panic selling due to speculation of a possible introduction of a withholding tax or a super gains tax on primary dealer companies.
Yesterday, the Central Bank’s US $ buying rate was Rs 315.11 and selling rate Rs 328.60.
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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