Business
Clarification on Finance Minister’s IMF comment boosts bourse
By Hiran H. Senewiratne
CSE trading activities yesterday started on a positive note but within a short time the bourse declined to the 28- points level. Later on, however, strong positive buying interest was noted in blue chip companies resulting in the market moving to positive territory, market analysts said.
On the previous day the market dipped because stock market investors were worried about sentiments expressed by Finance Minister Basil Rajapaksa on the previous day that he would seek an IMF bailout. However, Central Bank Governor Ajith Nivard Cabraal clarified in his twitter account that what the finance minister meant in his statement was that Sri Lanka had sought technical advice from the International Monetary Fund (IMF) on how to better manage debt servicing as well as boost foreign reserves, but had not meant a bail-out, market analysts said.
Amid those developments negative investor sentiment disappeared in the bourse and strong buying interest was witnessed especially in blue-chip counters. Consequently, both indices moved upwards. The All- Share Price Index went up by 178.58 points and S and P SL20 rose by 130.69 points. Turnover stood at Rs 6.4 billion with a single crossing. That crossing was reported in LOLC Finance, which crossed 1.04 million shares to the tune of Rs 28 million, its shares traded at Rs 27.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 1.5 billion (4.7 million shares traded), Softlogic Life Insurance Rs 486 million (3.9 million shares traded), Browns Investments Rs 479 million (31.9 million shares traded), LOLC Holdings Rs 289 million (256,000 shares traded), Sunshine Holdings Rs 219 million (four million shares traded), Hayleys PLC Rs 179 million (1.3 million shares traded) and Watawala Plantations Rs 174 million (1.2 million shares traded).
During the day the company with the highest market capitalization Expolanka Holdings, which contributed 50 points to the All- Share Price Index, appreciated its shares by Rs 30.75 or 10 per cent. Its shares started trading at Rs 314.50 and at the end of the day they shot up to Rs 346.25.
It is said high net worth and institutional investor participation was noted in Ceylinco Insurance, Melstacorp and LOLC Finance. Mixed interest was observed in Expolanka Holdings, Softlogic Life Insurance and Lanka IOC, while retail interest was noted in Renuka Agri Foods, Browns Investments and Softlogic Capital.
Yesterday the US dollar was quoted at Rs 203.17, which was the Central Bank controlled price to prevent prices of essential food items from rising.
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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