Business
CSE dogged by trading halts; political instability takes its toll
By Hiran H.Senewiratne
Macroeconomic uncertainty coupled with political instability triggered circuit brakes on the CSE yesterday as well. Margin calls by stock brokers and margin providers pave the way for forced selling of stocks, which negatively impacts the CSE, stock market analysts said.
A margin call occurs when the value of securities in a brokerage account falls below a certain level, known as the maintenance margin, requiring the account holder to deposit additional cash or securities to meet the margin requirement.
Amid those developments the CSE closed after the more active index slumped by 10 per cent for the second consecutive session. The S&P SL 20 index fell by over 5 per cent early in the morning too as investors continue to be bearish over the worsening economic and political crisis.
Yesterday the market closed within minutes of opening after indices crashed, triggering two trading halts. Year to date, CSE has plunged by 50 per cent as against an 80 per cent gain in 2021.
Yesterday both indices moved downwards. The All- Share Price Index went down by 608 points and S and P SL20 declined by 232 points. Turnover stood at Rs 800 million with a single crossing. The crossing was reported in Commercial Bank, which crossed 2.2 million shares to the tune of Rs 110 million; its shares traded at Rs 50.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 174 million (1.1 million shares traded), Commercial Bank Rs 160 million (3.2 million shares traded), LOLC Holdings Rs 41.7 million (154,000 shares traded), Browns Investments Rs 26.6 (6.6 million shares traded), Chevron Lubricants Rs 23.7 million (654,000 shares traded), Access Engineering Rs 17.2 million (1.4 million shares traded) and Sunshine Holdings Rs 17 million (645,000 shares traded). During the day 91.7 million share volumes changed hands in 2000 transactions.
Standard and Poor, a rating agency, said it had cut Sri Lanka’s sovereign rating to ‘selective default’.
Individual securities were downgraded to default of D, the rating agency said. Sri Lanka has 30 days to make payment on the relevant coupon which fell due on April 18.
“We do not expect the government to make the coupon payments within 30 calendar days after their due dates, Standard and Poor’s said. Sri Lanka does not plan to restructure domestic debt.
“In our view, achieving a more sustainable fiscal position will require restructuring the government’s local currency debt, S and P said.
Yesterday, the Central Bank announced the official US $ buying rate as Rs 333.88 and the selling rate as Rs 346.49. However, in the kerb market it’s close to Rs 400 per US $, financial 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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
