Business
CSE investor sentiment soars on Chinese financial assistance news
By Hiran H.Senewiratne
CSE investor sentiment was propped up yesterday when Chinese ambassador to Sri Lanka Qi Zhenhong announced that the Chinese government is considering extending to Sri Lanka US $ 2.5 billion in financial assistance in two components. The share market was also boosted by the news that Sri Lanka is seeking support from the IMF for a bailout, stock market analysts said.
“The Chinese government is considering US $ 2.5 billion – a US $ 1 billion loan, 1.5 billion dollars buyers’ credit, ambassador Qi told a media conference in Colombo.
Under this loan, buyer’s credit is usually a loan given by Exim Bank of China to purchase goods and services from the People’s Republic and has been used to finance infrastructure in the island in the past.
Amid those developments both indices moved upwards. The All -Share Price Index moved up by 67.9 points and S and P SL20 rose by 29.8 points. Turnover stood at Rs 1.1 billion sans a single crossing. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 194 million (752,000 shares traded), Browns Investments Rs 120.9 million (10.8 million shares traded), LOLC Finance Rs 79.8 million (4.5 million shares traded), JKH Rs 74.8 million (77,000 shares traded), Royal Ceramic Rs 47.5 million (953,000 shares traded), ACL Cables Rs 44.1 million (552,000 shares traded) and Hayleys Rs 40.3 million (407,000 shares traded). During the day 51.6 million share volumes changed hands in14000 transactions.
The CSE turnover level and investor participation was low compared to the previous year. It is said that high net worth and institutional investor participation was noted in Hayleys, Commercial Bank and JKH. Mixed interest was observed in Expolanka Holdings, LOLC Finance and LOLC Holdings, while retail interest was noted in Browns Investments, SMB Leasing nonvoting and Dialog Axiata.
Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings) and Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments),
Sri Lanka’s bond market remained inactive yesterday in dull market trade, brokers said while the rupee was quoted around 275 in bids with no offers.
Commercial banks were offering to sell dollars at 274.99 rupees for telegraphic transfer and buy at 264.66 rupees on Friday.
In the secondary market, only a bond maturing on 01.08.2024 was quoted at 14.30/40 per cent on Monday, up from 14.18/28 a day earlier. Sri Lanka’s debt office is issuing 56.5 billion rupees to be sold in a Treasury bills auction to be held on Wednesday (23).
The 56.5 billion bills will be split into 20 billion maturing in 3-months, 15 billion in 6-months and 21.5 billion in 1-year.
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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