Business
CSE continues on bullish trajectory as blue chip stocks prove attractive to foreign investors
By Hiran H.Senewiratne
CSE trading activities continued on a bullish trajectory yesterday due to blue chip company stocks becoming more attractive to foreign investors. Foreign buying interest was noted mainly in blue chips, such as, Expolanka Holdings, Lanka IOC and JKH, stock market analysts said.
The stock market has also gained due to some positive sentiments from investors based on hopes of macroeconomic stability. On the previous day, Expolanka had 19 crossings and early in the session previous to that, it had 53 crossings. The shares in the market heavyweight gained 3 per cent to Rs 231, market sources said.The market saw a net foreign inflow of Rs 399 million on the previous day. The net foreign inflow so far this year is Rs 4.44 billion after the bourse saw Rs 5.83 billion of net foreign buying in the last 18 consecutive sessions amid positive sentiment over an IMF deal.
Amid those developments both indices moved upwards. The All- Share Price Index moved up by 153 points and S and P SL20 rose by 83.4 points. Turnover stood at Rs 4.1 billion with three crossings. Those crossings were reported in Royal Ceramic, which crossed 3.3 million shares to the tune of Rs 122 million, its shares traded at Rs 36.50, JKH, 660,000 shares crossed to the tune of Rs 84.5 million, its shares fetched Rs 128 and Richard Pieris one million shares crossed for Rs 32 million; its shares traded at Rs 32.
In the retail market seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 486 million (two million shares traded), Lanka IOC Rs 475 million (two million shares traded), JKH Rs 313 million (2.4 million shares traded), Royal Ceramic Rs 187 million (4.8 million shares traded), Melstacorp Rs 165 million (2.7 million shares traded), ACL Cables Rs 163 million (2.1 million shares traded) and Kotagala Plantations Rs 142 million (11.9 million shares traded). During the day 173 million share volumes changed hands in 38000 transactions.
The IMF announced that it reached a staff-level agreement with Sri Lanka on Sept 1, with a possible 48-month US $ 2.9 billion Extended Fund Facility (EFF) being provided, once debt restructuring is done. Sri Lanka also submitted a reform-oriented interim budget for 2022 on August 30 which was seen as market positive.The budget is aimed at almost doubling the tax-to-GDP ratio to 15 per cent by 2025 from 8.2 per cent at the end of 2021.Yesterday, the CBSL’s US dollar buying rate was Rs 358.53 and the selling rate Rs 369.50.
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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