Business
CSE buoyant on positive news from Paris Club group of creditor nations and Port City Colombo
By Hiran H.Senewiratne
Net foreign inflow to the CSE year-to-date has surpassed Rs. 19.5 billion by last week following the Expolanka Holdings buying. Further, investor sentiment moved up with the news reports on Port City as its infrastructure development work is to be completed by the end of 2023, stock market analysts said.
This trend continued due to buying interest among retail investors for Expolanka and other blue chip companies in the market, stock market analysts said this record feat was possible thanks to Rs. 1.1 billion net buying last week bringing the total for December so far to Rs. 1.9 billion.
The year-on -year 2022 figure is the highest since 2013 when CSE drew Rs. 22.7 billion in net foreign inflow. Bulk of this year’s net foreign inflow is due to parent SG Holdings of Japan buying into Sri Lanka’s most valuable listed entity Expolanka Holdings PLC.
At the end of September 2022, SG Holdings Global Ltd. held 79.47 percent stake, up from 75.62 percent as at end June. Therefore, share price was appreciated by six percent or Rs 11.50, which shot up to Rs 207.75 from Rs 194.50.
Amid those developments shares edged up in mid-day trade yesterday continuing the positive run for seven straight sessions on news over a possible debt restructuring from Paris Club, analysts said.
All Share Price Index gained by 74 points, while the most liquid shares gained by 32 points. Turnover stood at Rs 2.9 billion with a single crossing. The crossing was reported in Expolanka Holdings, which crossed 3.6 million shares to the tune of Rs 730 and its share price traded at Rs 200. In the retail market top seven companies that mainly contributed to the turnover were Expolanka Holdings Rs 433 million (2.1 million shares traded), Lanka IOC Rs 382 million (1.8 million shares traded), Browns Investments Rs 344 million (45 million shares traded), Aitken Spence Rs 118 million (820,000 shares traded), Keells Hotels Rs 70 million (309 million shares traded), LOLC Finance Rs 65.5 million (8.2 million shares traded) and Colombo Fort Land Rs 59.5 million (1.8 million shares traded). During the day 111.3 million share volume changed hands in 20000 transactions.
Further, the market was pushed up over the news of a potential 10 year debt moratorium,” analysts said. The Paris Club group of creditor nations has proposed a 10-year debt moratorium on Sri Lankan debt and 15 years of debt restructuring as a formula to resolve the island nation’s prevailing currency crisis.
Yesterday the Central Bank announced the daily US dollar rate. The daily buying rate Rs 361.30 and the selling rate Rs 371.71.
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
