Business
‘CSE likely to prove attractive throughout 2022 as well’
By Hiran H.Senewiratne
A top CSE official said that 2021 has been a significant year for the CSE and its stakeholders in many respects, including capital- raising.
” Low interest rate and the high inflation level in the country had made the stock market attractive, which will likely continue as the trend this year as well, CSE’s Head of Marketing Niroshan Wijesundera told The Island Financial Review.
He said that investing in the stock market is the best option when the country has high inflation and low bank interest rates. Because the return on investments is very high with the booming of the stock market.
Amid those developments the market remained negative at the beginning dampening investor hopes of a turnaround due to profit- takings; however, it bounced back during the latter part of the day, dragging the All- Share Price Index to a positive note yesterday. The All- Share Price Index went up by 43.3 points and S and P SL20 declined by 21.7 points. Turnover, however, was a healthy at Rs. 7.7 billion involving 317 million shares with two crossings.
Those crossings were reported in LOLC Finance, which crossed 54.3 million shares to the tune of Rs 1.5 billion and its shares traded at Rs 28.10 and Dialog 4.5 million shares crossed for Rs 49.9 million, its shares traded at Rs 11.10.
In the retail market, the top seven companies that mainly contributed to the turnover were, LOLC Finance Rs 720 million (24.5 million shares traded), Browns Investments Rs 472 million (27.7 million shares traded), Expolanka Holdings Rs 452 million (1.2 million shares traded), Softlogic Holdings Rs 291 million (24.4 million shares traded), Softlogic Capital Rs 291 million (24.4 million shares traded), Softlogic Life Insurance Rs 264 million (2.6 million shares traded), Access Engineering Rs 205 million (5.9 million shares traded) and Richard Pieris Rs 194 million (seven million shares traded). During the day 317 million share volumes changed hands in 57000 transactions.
The Index witnessed massive volatility shortly into the market opening as it see-sawed from the red to green zone alternatively as investors gave away to a selling spree. However, the index moved on a gradual recovery but failed to uphold the momentum as it declined during the latter part of the session.
It is said high net worth and institutional investor participation was noted in LOLC Finance, JKH and Hayleys. Mixed interest was observed in Expolanka Holdings, Sunshine Holdings and Vallibel One, while retail interest was noted in Softlogic Capital and Softlogic Life Insurance, Browns Investments and Softlogic Capital.
It said the Diversified Financials sector was the top contributor to the market turnover due to Lanka LOLC Finance, while the sector index- gained. LOLC Finance contributed approximately 30 per cent to yesterday’s turnover.
Hela Clothing IPO which opened yesterday had been oversubscribed.
Yesterday, the US dollar rate was quoted at Rs 200.97, which was the Central Bank controlled price. However, with the heavy printing of Sri Lankan rupees, the inflation rate will move up exponentially. Currently, the actual dollar rate in the market would be Rs 250, market 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.”
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