Business
CSE indices fall to eight-week low; turnover slumps
By Hiran H.Senewiratne
Both CSE indices fell to an eight-week low yesterday while the day’s turnover also slumped to the lowest since the last week of August amid highly volatile market sentiments as economic uncertainties over new tax hikes dented the appetite for risky assets, market analysts said.The market saw a turnover of Rs 1.3 billion, its lowest since August 29, and lower than this year’s average turnover of Rs 3.2 billion. Further, both indices moved downwards. The All- Share Price Index went down by 51.8 points and S and P SL20 declined by 7.7 points.
Turnover stood at Rs 1.3 billion with two crossings. Those crossings were reported in JKH, which crossed 500,000 shares to the tune of Rs 64.8 million, its shares traded at Rs 129.50 and CIC Holdings 300,000 shares crossed to the tune of Rs 30.9 million and its shares fetched Rs 103.
In the retail market top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 341 million (1.7 million shares traded), CIC Holdings Rs 96.1 million (949,000 shares traded), Expolanka Holdings Rs 94.3 million (631,000 shares traded), JKH Rs 75 million (580,000 shares traded), CIC Holdings (non-voting) Rs 73.9 million (one million shares traded), Agsta PLC Rs 45.7 million (2.3 million shares traded) and Lankem Development Rs 42.9 million (1.2 million shares traded). During the day 527 million share volumes changed hands in 15000 share transactions.
According to stock market analysts the market moved to red yet again on the back of heavy selling of retail favourites LIOC and Expolanka, its daily note, referring to Sri Lanka private fuel retailer, Lanka IOC and market heavyweight Expolanka. Profit booking in LIOC intensified as investors expected further price reductions in fuel as the country intents to procure oil from Russia at a possibly lower price.
Analysts also said the market is going through a volatile trend as some investors are on a wait-and-see approach, while others are booking profits. Foreign investors have been mainly on the buying side since the IMF signaled positive for a US $2.9 billion; 4-year deal provided Sri Lanka fulfills some challenging conditions, including tax hikes.Yesterday the Central Bank- announced US dollar buying rate was Rs 360.73 and the selling rate Rs 371.24.
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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