Business
Bourse in 2.3 per cent mid-morning plunge; panic selling hits market
By Hiran H.Senewiratne
CSE shares fell over 2.3 per cent in mid-morning trade yesterday, slipping for the fourth session, dragged down by heavy index counters. This has resulted in panic- selling of the market by investors, stock market analysts said.
According to brokers, margin investors are familiar with the “routine” margin call, where the broker asks for additional funds when the equity in the customer’s account declines below certain required levels. Normally, the broker will allow from two to five days to meet the call. ‘Therefore, the dip in imports continued in September, but has yet to decline to the lowest in recent years despite stepped up controls that worry market investors, apart from delays in IMF discussions, stock market analysts said.
September 2022 saw $ 1.28 billion in imports, down from $ 1.48 billion the previous month and 16 per cent year- on- year. However, the June 2022 figure at $ 1.22 billion remains the lowest so far this year, suggesting there is room for further decline given the foreign exchange crisis. The lowest import figure was in May 2020 at $ 994 million as an immediate impact of the COVID-19 pandemic, market analysts said.
Amid those developments both indices moved downwards. The All-Share Price Index went down by 227.6 points and S and P SL20 declined by 68.1 points. Turnover stood at Rs 1.1 billion with a single crossing. The crossing was reported in Renuka Holdings, which crossed 2.7 million shares to the tune of Rs 43 million, its shares traded at Rs 16.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 235 million (1.5 million shares traded), Lanka IOC Rs 133 million (776,000 shares traded), JKH Rs 72 million (545,000 shares traded), ACL Cables Rs 63.5 million (875,000 shares traded), Kegalle Plantations Rs 30 million (201,000 shares traded), Agsta Rs 29.5 million (1.6 million shares traded) and Expack Corrugated Cartons Rs 28.5 million (1.8 million shares traded). During the day 46.5 million share volumes changed hands in 18000 share transactions.
Yesterday the Central Bank- announced US dollar buying rate was Rs 360.88 and the selling rate Rs 371.68.
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
