Business
CSE closes on the up, driven by bullish investor sentiment
by Hiran H.Senewiratne
The CSE yesterday closed on the up, thanks to a strong recovery following bullish sentiments indicated in the morning, while during the middle of the session profit- takings were witnessed in LOLC Group counters, mainly Browns Investments, Brown and Company, LOLC Holdings and Vallibel One. However, during the latter part of the day the CSE slowly recovered and ended on a positive note, stock market analysts said.
The All- Share Price Index finished on a 53.76- point gain or 0.5 per cent and the S&P SL20 rose to 19.47 points. Turnover was healthy at Rs. 6 billion involving 873 million shares with a single crossing. The crossing was reported in Alumex PLC, which crossed three million shares to the tune of Rs 48 million and its shares traded at Rs 16.
It is said the ASPI crossed the 11,000-mark once again and returned to positive territory after witnessing three sessions of losses, while the more liquid S&P SL20 index also resumed its record-breaking run and posted a gain of more than 1%, largely helped by price increases recorded in Expolanka.
In the retail market, top seven companies that mainly contributed to the turnover were, Expolanka Rs 835 million (2.7 million shares traded), Browns Investments Rs 645 million (44.3 million shares traded), Sunshine Holdings Rs 431 million (10.5 million shares traded), Royal Ceramic Rs 262 million (3.7 million shares traded),Commercial Leasing and Finance Rs 26.2 million (7.8 million shares traded), SMB Finance Rs 250 million (217 million shares traded) and Brown and Company Rs 214 million (68,000 shares traded).
During the day, plantation sector counters, especially Sunshine Holdings and Watawala Plantations, performed well. Sunshine Holdings share price appreciated by eight percent or Rs 3.30. Its shares started trading at Rs 38 and at the end of the day they shot up to Rs 41.30 and Watawala Plantations shares appreciated by Rs 9 or eight per cent. Its share price shot up to Rs 118 from Rs 109. Further, SMP Leasing and Finance shares appreciated by 20 per cent or 20 cents. Its share price appreciated to Rs 1.20 from Rs 1.
Expolanka, Richard Pieris and Melstacorp were the main contributors to the All- Share Price Index. During the day 873 million share volumes changed hands in 44000 transactions. Separately, Windforce Ltd. and Vallibel One announced their interim dividends of 55 cents and Rs. 1.50 per share respectively.
It is said that high net worth and institutional investor participation remained subdued for the day while mixed interest was observed in Expolanka Holdings, Brown & Company and Vallibel One, while retail interest was noted in Commercial Leasing & Finance, SMB Leasing and Browns Investments.
Yesterday the US dollar rate was Rs 202.94, which was controlled by the Central Bank. The foreign currency shortage is having a negative impact on business, irrespective of the type of business, in relation to imports and exports. Our construction and import trading businesses are being disrupted and other measures that have come around have made the situation even worse, 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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