Business
CSE achieves milestone of Rs. 5 trillion closing market capitalization
By Hiran H.Senewiratne
The CSE has achieved a significant milestone of Rs. 5 trillion closing market capitalization with bullish investor sentiment being sustained yesterday, stock market analysts said.
CSE would have closed even on the previous day on the milestone as the ASPI recovered mid-day after falling in early trading but couldn’t sustain the rally. However, market capitalization amounted to Rs. 5 trillion yesterday, stock market analysts said. Year-to-date (YTD) the CSE’s value is up by a whopping 69 per cent. Thanks to the sustained bullish sentiment among local investors, market capitalization yesterday was around 30 per cent of GDP as against 20 per cent last year.
The market closed on the up yesterday while posting a healthy Rs. 10 billion in turnover, with over 350 million shares traded with four crossings. Crossings were reported in Chevron Lubricants, which crossed two million shares to the tune of Rs 213 million, its shares traded at Rs 106.50, Expolanka Holdings 500,000 shares crossed for Rs 140.5 million, its shares traded at Rs 281, Softlogic Holdings 1.8 million shares crossed for Rs 26.1 million, its shares traded at Rs 14.50 and Hayleys Fabriks 625,000 shares crossed for Rs 24.6 million, its shares traded at Rs 39.50.
Both induces moved upwards. The All- Share Price Index went up by 238 points and S and P SL20 rose by 70.2 points. Top seven contributors to the turnover were Expolanka Holdings Rs 1.7 billion (6.2 million shares traded), Browns Investments Rs 1.6 billion (119 million shares traded), LOLC Holdings Rs 586 million (three million shares traded), Expack Corrugated Cartoons Rs 411 million (17.1 million shares traded), Hayleys Rs 366 million (3.3 million shares traded) and LOLC Finance Rs 282 million (10.2 million shares traded).
Another looming milestone though is the negative year to date net foreign outflow, which is nearing Rs. 50 billion. As of the previous day, it amounted to Rs. 49.87 billion. This is on top of a record Rs. 51 billion outflow last year. With a month more, the 2021 figure is likely to be a new high, market sources said.
Amid those developments the stock market was positive at the outset and during the first half of the session profit takings were noted and later on the market reached 200 points and gained by 2.13 percent. Yesterday heavy buying behaviour was noted in Expolanka Holidings, which became the largest listed compnay in the stock market. its share price appreciated by seven percent or Rs 18. Its share price moved to Rs 283 from Rs 263.50 while contributing 150 points to the All- Share Price Index. Most profitable listed corporate Expolanka Holdings saw its market value surpass the half-a-trillion mark to close yesterday at Rs. 515.1 billion or over 10 per cent of the CSE’s total.
Last year, Expolanka was ranked at number 13 with a market capitalization of only Rs. 56.7 billion and 2020 closing price of Rs. 29. Yesterday’s standing reflects a near ten-fold increase, or up by Rs. 460 billion, year-to-date. Expolanka, which has been the most consistent performer this year, saw 7.22 million shares change hand via 4,714 trades for Rs. 1.86 billion.
Analysts said if one had invested Rs. 1 million in Expo shares in November 2020 (at Rs. 26 per share) the value of that would have been worth over Rs. 10 million as of now.
Further, several LOLC Group of companies, LOLC Holdings, Browns Investments and Brown and Company share prices gained significantly. LOLC Holdings share price appreciated by Rs 75 or 8 per cent. Its share price shot up to Rs 983 from Rs 907.25, Browns Investments share price appreciate by six per cent or 80 cents. Its share price shot up to Rs 14.10 from Rs 13.30 and the Brown and Company share price appreciated by Rs 21.25 or nine per cent. Its share price shot up to Rs 277 from Rs 248.25. During the day 350 million share volumes changed hands in 62000 transactions.
Yesterday, the US dollar rate was Rs 202.72, which was the controlled price of the Central Bank.
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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