Business
CSE investors switching to govt. securities in view of current uncertainties
By Hiran H.Senewiratne
CSE investors are now switching to other fixed income instruments, especially to government securities like Treasury Bills, due the current economic, political and social uncertainties, stock analysts told this newspaper.
It is said that the secondary market remained inactive on the previous day despite the yields in the weekly bills auction soaring over 300 basis points, market participants said.
CSE investor sentiment has suffered immensely and it is in negative territory because the government is yet to provide solutions to any economic woes. This has prompted people to switch to the other fixed income avenues, especially government securities, market sources explained.
It is said that in the bond market the three- month yield went up 120 basis points to 14.12 per cent. The previously weighted average yield auctioned at 12.92 per cent. The six-month yield went up 311 basis points to 15.36 per cent. In previous times the weighted average yield rate was 12.25 per cent. The twelve -month bill yield rose 341 basis points to 15.69 per cent. At the previous auction, the weighted average yield was 12.28 per cent.
Amid those developments both indices moved downwards and all the counters showed price depreciation. The All- Share Price Index went down by 301 .6 points and S and P SL20 declined by 122.8 points. Turnover stood at Rs 1.4 billion with one crossing. The crossing took place in DFCC, which crossed 689,000 shares to the tune of Rs 33 million; its shares traded at Rs 48.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Rs 517 million (3.3 million shares traded), Browns Investments Rs 176 million (28.8 million shares traded), LOLC Finance Rs 111.5 million (13.2 million shares traded), LOLC Holdings Rs 60.4 million (150,000 shares traded), Aitken Spence Rs 50 million (634,000 shares traded), CTC Rs 43.3 million (66,000 shares traded) and Access Engineering Rs 37.6 million (2.5 million shares traded). During the day 72.5 million share volumes changed hands in 16000 transactions.
Diversified engineering company Luminex Ltd. has secured official approval from the CSE for its Rs.250 million initial public offering (IPO), which is scheduled to open on the 26th of this month.
The company plans to issue 31.25 million new ordinary voting shares at an offer price of Rs.8 per share, to be listed on CSE’s Diri Savi Board.
Navara Capital Ltd. has been appointed as financial advisors and managers to the issue. Earlier this week, CL Synergy postponed its Rs.1.3 billion IPO, which was scheduled for 7th of this month, citing short-term uncertainties in the market due to political and social unrest in the country. Luminex specializes in telecommunication network development, electrical engineering (low tension (LT) and high tension (HT)), civil, water and sewerage construction.
Yesterday, the rupee was quoted at Rs 310 against the US dollar in commercial banks. Commercial banks were offering to sell dollars for telegraphic transfers at between Rs 310-313 and buy between Rs 295-300 on the previous day.
The Central Bank indicative spot rate remained flat at Rs 309.38 buying rate and the selling rate at 319.99.
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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