Business
Bourse welcomes February on feeble note; profit-takings in blue chips
By Hiran H.Senewiratne
The CSE began February on a feeble note with both indices down, despite a healthy turnover level. Yesterday the stock market commenced its daily trading on a negative note and that trend continued until the end of the day, with massive profit-takings noted in blue chip companies, especially the Softlogic Group of companies and Expolanka holdings, market analysts said.
According to market analysts, following a moderate gap of 79 points, the ASPI reversed course due to price declines in index-heavy counters and traded negative for the rest of the session to close with a loss. On similar lines, the more liquid S&P SL20 index also trended downwards on price declines.
The All- Share Price Index went down by 338 points and S and P SL20 declined by 151 points. Turnover stood at Rs 8.9 billion with four crossings. Those crossings were reported in Ceylinco Insurance, which crossed 100,000 shares to the tune of Rs 145 million and its shares traded at Rs 1450, Melstacorp 500,000 shares crossed to the tune of Rs 29.5 million, its shares traded at Rs 59, LOLC Finance 800,000 shares crossed for the tune of Rs 22.4 million, its shares fetching Rs 28 and Softlogic Life Insurance 120,000 shares crossed for Rs 21.6 million, its shares trading at Rs 180.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 2.2 billion (6.9 million shares traded), Softlogic Life Insurance Rs 854 million (5.2 million shares traded), LOLC Finance Rs 564 million (20.3 million shares traded), Browns Investments Rs 420 million (35.3 million shares traded), Softlogic Capital Rs 407 million (23.3 million shares traded), Renuka Agri Foods Rs 342 million (44.5 million shares traded) and Melstacorp Rs 338 million (5.7 million shares traded.
During the day price depreciations were reported in the Softlogic Group of companies, which resulted in other blue-chip companies witnessing heavy selling pressure. Softlogic Life Insurance share price depreciated by Rs 41.50 or 23 per cent. Its share price moved down to Rs 141.50 from Rs 183, Softlogic Capital share price depreciated by 15 per cent or Rs 2.80. Its share price went down to Rs 15.80 from Rs 18.60 and Softlogic Holdings share price fell by Rs 4 or five per cent. Its shares started trading at Rs 70.10 and at the end of the day they moved to Rs 66.`10.
The stock market company with the highest market capitalization, Expolanka Holdings share price depreciated by Rs 30.50 or 9 per cent. Its share price fell to 314.50 from Rs 345. LOLC shares also saw a price drop. Its share price dropped by Rs 75 or six percent. Its share price depreciated to 1118.50 from Rs 1193.50. During the day 262 million share volumes changed hands in 67000 transactions.
It is said high net worth and institutional investor participation was noted in Vallibel One, Softlogic Holdings and JAT Holdings. Mixed interest was observed in Softlogic Life Insurance, Expolanka Holdings and Lanka IOC, while retail interest was noted in Softlogic Capital, Renuka Agri Foods and Browns Investments.
The Insurance sector was the top contributor to the market turnover (due to Softlogic Life Insurance), while the sector index lost 2.55 per cent. The shares of Softlogic Life Insurance lost Rs. 41.50 to close at Rs. 183. The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover while the sector index decreased by 1.44 per cent.
Yesterday the US dollar was quoted at 202.45, which was the Central Bank controlled price. The actual market price is more than Rs 250, market sources 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.”
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