Business
CSE recovers somewhat amid persisting political uncertainties and tensions
By Hiran H.Senewiratne
The CSE was able to bounce back somewhat and indicated a degree of recovery yesterday amid a climate of aggravating political upheaval. The CSE, which suffered losses over six consecutive trading days by dropping 2000 index points the previous day, was able to be positive yesterday, stock market analysts said.
The economic crisis which turned into a major social crisis due to a short supply of essential needs for the country has really discouraged CSE market investors from investing in the market in a considerable manner, market analysts said.
The market staged a subsequent rebound to positive territory as the ASPI picked up to 8,623, regaining around 493 points, while the S&P SL20 index gained 187 points to reach 2,877 yesterday.
Turnover stood at Rs 1.1 billion with a single crossing. The crossing was reported in Melstacorp, which crossed 850,000 shares to the tune of Rs 34 million, its shares traded at Rs 40. In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 342 million (two million shares traded), Browns Investments Rs 92.9 million (12.8 million shares traded), LOLC Holdings Rs 59.5 million (128,000 shares traded), Hayleys Rs 54.8 million ( 720,000 shares traded), LOLC Finance Rs 39.4 million (3.5 million shares traded), Royal Ceramic Rs 32.7 million (830,000 shares traded) and Hayleys Fabrics Rs 30.8 million (one million shares traded).During the day 61.8 million share volumes changed hands in 17000 transactions.
The Capital Goods sector was the second-highest contributor to the market turnover (due to Hayleys and Royal Ceramics), while the sector index decreased by 3.35%. The share price of Hayleys recorded a loss of Rs. 2.60 (3.57%) to close at Rs. 70.30.
The share price of Royal Ceramics declined by Rs. 2 (5.62 per cent) to close at Rs. 33.60. LOLC Holdings and Browns Investments were also included among the top turnover contributors. The share price of LOLC Holdings lost Rs. 75.00 (15.32 per cent) to close at Rs. 414.50.
The share price of Browns Investments moved down by 10 cents (1.52 per cent) to close at Rs. 6.50.Separately Ceylinco Insurance announced a final dividend of Rs. 42 per share.
It is said high net worth and institutional investor participation remained subdued for the day. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Hayleys, while retail interest was noted in SMB Leasing nonvoting, Browns Investments, and Industrial Asphalts.
The secondary market remained inactive yesterday as investors waited for stability amid the growing anti-government protests in the country, market participants said, while the rupee was quoted at Rs 310 against the US dollar with no offers.
Commercial Banks were offering to sell dollars for telegraphic transfers at Rs 310 and buy at between Rs 295-300 yesterday.
Dealers said the market did not have a proper rupee quote on Monday. The Central Bank indicative spot rate was Rs 307.78 yesterday, down from Rs 310.85 the previous day.
Sri Lanka’s rupee has been made more flexible but a clean float has not yet been established. In the secondary market, there were no active bond rates. Market participants said investors were waiting for some form of stability.
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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