Business
CSE ops halt half an hour before closing time in the wake of growing economic uncertainties
By Hiran H. Senewiratne
CSE operations halted due to the S and P SL20 index slipping over 5 per cent yesterday as economic uncertainties grew in tandem with speculation that arose over the weekend about another fuel price hike and major price rises in essential consumer items, stock market analysts said.
Amid those developments, trading halted half an hour before closing time, which was around 12 noon. The reasons being that the market feels there is insufficient communication on the IMF program, besides global oil prices moving up. It is believed there could be a fresh series of fuel price hikes, thereby triggering commodity price rises that in turn could create a drop in investor sentiment. Further, certain issues and the opposition triggered by SLPP MPs in parliament to the passing of the 21 st Amendment to the Constitution, add insult to injury, analysts explained.
“There’s a bit of uncertainty as to the agreement on the 21st Amendment, the budget and the IMF discussions. All those things are a bit dicey, a top market analyst said. Sri Lanka’s inflation in April is already at 39.1 per cent and if it moves beyond 50 percent the country will be facing hyperinflation, which is also a major worry.
The main All- Share Price Index fell by 251 points and the most liquid S&P SL20 fell by 132 points. Turnover generated was Rs 1.46 billion without any crossings. In the retail market top companies that mainly contributed to the turnover were; Expolanka Holdings Rs 496 million (2.5 million shares traded), Browns Investments Rs 323 million (36 million shares traded), Lanka IOC Rs 86.4 million (1.46 million shares traded), Hayleys PLC Rs 61 million (957,000 shares traded), LOLC Holdings Rs 48.6 million (90000 shares traded), LOLC Finance Rs 43 million (5.5 million shares traded) and Sampath Bank Rs 26.5 million (767000 shares traded).Top losers in the first hour were LOLC Holdings, Expolanka and Browns investments. During the day 73 million share volumes changed hands in 17000 transactions.
Yesterday, commercial banks quoted a US dollar at Rs 367 against telegraphic transfers, while the Central Bank interbank spot trade was at Rs 360.27 under a daily guidance rate. Commercial banks were quoting Rs 357/367 for telegraphic transfer dollars moving up from last week.
The Central Bank’s daily guidance margin on the previous day was Rs 1.00 plus or 4.00 minus the initial Rs 2.50 .The interbank guidance rate on Friday was Rs 360.3 per US dollar.
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.”
US sports envoys to Lanka to champion youth development
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