Business
CSE moves into red territory; both indices dip for the first time in 2023
By Hiran H. Senewiratne
External and internal gloomy environmental conditions moved the CSE into red territory and ended April, sans the New Year season, with both indices suffering a dip for the first time in 2023 yesterday, market analysts said.
The stock market indicated negative due to panic-selling and margin calls. Consequently, the market declined 430 points for 11 consecutive days ending last Friday. But yesterday alone the CSE was down 258 points. Allegations that debt restructuring is happening haphazardly and some psychological factors impacted the bourse negatively, market analysts said.
Further, the financial crisis at a top US bank, “First Republic Bank ”, affected shareholder interest. Regulators orchestrating JPMorgan Chase to acquire the California lender’s assets and deposits is perhaps the best outcome that might have been expected in the circumstances, market sources said.
These internal and external factors created some worries for local and foreign investors as well, market analysts said.
The benchmark ASPI was down 258 points. The latter suffered its second consecutive monthly dip. S and P SL20 went down by 93 points. Turnover stood at Rs 984 million sans any crossings.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 189.2 million (1.24 million shares traded), Lanka IOC Rs 78.5 million (481,000 shares traded), Browns Investments Rs 75.2 million (14 million shares traded), Dialog Axiata Rs 34.5 million (3.2 million shares traded), Royal Ceramic Rs 31 million (1.5 million shares traded), Sunshine Holdings Rs 29.8 million (678,000 shares traded) and JKH Rs 27.5 million (200,000 shares traded). During the day 52.4 million share volumes changed hands in 17343 transactions.
The negative sentiments are largely from locals who got a fresh jolt by President Ranil Wickremesinghe’s remarks in Parliament that he will close down the CSE if it dips sharply. Average daily turnover last week was Rs. 878 million, down from Rs. 994 million the previous week, observers said.
Yesterday the Central Bank’s US dollar buying rate was Rs 313.73 and selling rate Rs 328.41.
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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