Business
CSE closes 26 minutes before ending time as S&P SL20 plunges
By Hiran H.Senewiratne
The CSE closed 26 minutes before its official ending time yesterday after the S&P SL20 index plunged more than 5 per cent, led by stock market heavyweights, stock market analysts said.
The main reason for the plunge was because two major index- weighted companies, namely, Expolanka Holdings and Lanka IOC, witnessed heavy profit- takings.
Meanwhile, two major global banks, Swiss Bank in Switzerland and Deutsche Bank AG, a German multinational investment bank and financial services company, are facing a risk of collapsing, which is known as “Credit Suisse Risk”. Market analysts predict something worse than the 2008 global recession. There the trigger factor was the “Layman Brothers” issue, stock market analysts said.
Apart from that, the UK economy is also going through a major crisis. Its new Prime Minister Liz Truss has reversed a widely criticized plan to abolish the 45 per cent top rate of income tax following a backlash from her own Conservative Party.
UK media reported yesterday morning that mere hours after insisting that the plan would go ahead, Truss had conceded that it could not go through the House of Commons.
Expolanka, being a company which has a significant presence in Europe and USA, consequently, created some panic among investors. They were worried that the issues in Europe would badly impact Expolanka’s business. As a result, heavy profit- takings were witnessed in Expolanka Holdings and its share price plummeted by Rs 20.25 or more than nine per cent. Its share price dropped to Rs 197.25 from Rs 217.50 at the end of the day.
Lanka IOC also witnessed some profit- takings due to the government reducing the fuel price by Rs 20. Still, Lanka IOC has profits because they are selling at a high range when the global fuel prices are declining, stock analysts observed.
The CSE said in a statement that the market had been halted due to the S&P SL20 index dropping over 5 per cent from the previous close, in keeping with the SEC (Securities and Exchange Commission) directive dated April 30, 2020. Accordingly, the market had been halted for the rest of the day.
Amid those developments CSE heavyweight Expolanka fell 9.3 per cent, while Lanka IOC slipped 5.2 per cent, leading the index fall. The main All- Share Price Index (ASPI) fell 3.8 percent or 281 points, while the more liquid S&P SL20 dropped 4.9 per cent or 156.0 points when the market halted.
The turnover stood at Rs 2.5 billion without a single crossing/arranged transactions. In the retail market top seven companies that were mainly contributed to the turnover were, Lanka IOC Rs 570 million (two million shares traded), Expolanka Holdings Rs 503.2 million (2.5 million shares traded), ACL Cables Rs 115 million (1.1 million shares traded), Royal Ceramic Rs 105.7 million (2.7 million shares traded), Chevron Lubricants Rs 92.6 million (840,000 shares traded), Browns Investments Rs 77.6 million (10.5 million shares traded) and Lanka Wall Tiles Rs 65.5 million (814,000 shares traded). During the day 125 million share volumes changed hands in 29000 transactions.
The CSE is enjoying a record net foreign inflow. In September net foreign buying was Rs. 14.7 billion, propelling the year to date figure to Rs. 15.2 billion. This is largely on account of parent SG Holdings buying into Sri Lanka’s number one listed entity Expolanka Holdings PLC.
Last year the net foreign outflow was Rs. 53 billion and in the preceding three years the outflow was Rs. 51 billion, Rs. 11.7 billion and Rs. 23 billion respectively. The previous net inflow was in 2017 at Rs. 17.6 billion.
Yesterday, the Central Bank- announced the US dollar buying rate was Rs 399.16 and selling rate Rs 369.91.
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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