Business
CSE gains 4 per cent within first hour of trading; turnover hits Rs. 2.7 billion
By Hiran H. Senewiratne
The CSE gained 4 per cent within the first hour of trading yesterday, a day after the new Prime Minister Ranil Wickremesinghe addressed the country on its ongoing economic crisis. Stock market analysts opined that the address impacted the CSE positively.
Buying interest was noted in most counters, especially blue- chip ones. Prime Minister Wickremasinghe has now turned to Japan for a fresh financial relief package amounting to between US$ 3.5 billion and US $5 billion and this development too is perceived by market analysts as buoying the market to a degree.
The main All- Share Price Index gained 3.87 per cent or 313.31 points to reach 8,411.72 as at 11.31 am. The most liquid index S and P SL20 shot up 5.27 per cent to 140.31 points to reach 2,802.62. Later it settled at the 157.2 level.
Market turnover stood at Rs 2.7 billion with a single crossing. The crossing was reported in HNB, which crossed 897,000 shares to the tune of Rs 2.7 billion, its shares traded at Rs 82.50.
Expolanka Holdings, JKH and LOLC were the main contributors to the index. In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Rs 851 million (3.9 million shares traded), Browns Investments Rs 365 million (47.7 million shares traded), LOLC Finance Rs 230 million (24.9 million shares traded), Softlogic Life Insurance Rs 127.5 million (1.9 million shares traded), Softlogic Capital Rs 107 million (13.7 million shares traded), LOLC Holdings Rs 78.1 million (142,000 shares traded) and Royal Ceramic Rs 53 million (1.5 million shares traded). During the day 177 million share volumes changed hands in 30,000 share transactions.
Yesterday, commercial banks quoted the US dollar at Rs 365 against telegraphic transfers, while the Central Bank set a daily guidance rate for interbank spot trade for Rs. 359.75, plus or minus 2.50.
Banks could quote Rs 2.50 plus or minus under the new direction and the rate is set below the market rates. The Central Bank stopped quoting day rates on January 23 when the rupee was floated with an interest rate correction after the soft peg collapsed. In 2021 the Central Bank started enforcing a rate incompatible with the policy rate at around 203 to the US dollar.
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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