Business
CSE returns to green territory following five-day bearish run
By Hiran H.Senewiratne
CSE trading turned positive yesterday after experiencing a massive plunge over the previous five days. However, the market was able to record the highest intraday trading level of the All- Share Price Index yesterday. The market started on a positive note but later turned negative for a short time. Later heavy buying interest on blue chip counters dragged the market to green territory, stock market analysts said.
Due to the heavy market downfall in the last four to five days most of the valuable share prices came down. As a result, bargain hunters grabbed the opportunity and purchased such stocks, analysts said.
Since last week, the market has lost Rs. 843 billion in value as investor sentiment turned negative on macro factors, while some sections opined that the bourse needs new buyers for attractive valuations. But yesterday the market was able to recover despite internal and external environmental issues, stock brokers said.
Due to the massive plunge in recent days, the year- to- date ASPI negative return is nearing 13 per cent while the S&P SL20 topped 15%. However, foreigners have cashed in with net buying of nearly Rs. 300 million so far this week. Amid those developments both indices moved upwards. All -Share Price Index went up by 450 points and S and P SL20 rose by 166.9 points. Turnover stood above the average level of Rs 4.2 billion with three crossings. Those crossings were reported in Commercial Bank, which crossed 2.6 million shares to the tune of Rs 210 million and its shares traded at Rs 79, Access Engineering one million shares crossed to the tune of Rs 24.5 million and its shares traded at Rs 24.50 and Sampath Bank 400,000 shares crossed to the tune of Rs 21.2 million, its shares traded at Rs 53.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 932 million (3.7 million shares traded), Browns Investments Rs 397 million (36.7 million shares traded), LOLC Finance Rs 256 million (13 million shares traded), Commercial Leasing and Finance Rs 231 million (5.5 million shares traded), LOLC Holdings Rs 199 million (227,000 shares traded), Royal Ceramic Rs 155 million (3.4 million shares traded) and Commercial Bank Rs 133 million (1.6 million shares traded). During the day 165 million share volumes changed hands in 41000 transactions.
With the rising fear of investors, the index dropped at the beginning, yet managed to trade in the green zone for a few minutes. After suffering from a continuous break-down, during the latter part of the session the market turned positive. Diversified Financials sector was the top contributor to the market turnover (due to LOLC Holdings and LOLC Finance), while the sector lost 7.84 per cent. The shares of LOLC Holdings moved down by Rs. 93.50 (10.14 per cent) to close at Rs. 828.75. The shares of LOLC Finance recorded a loss of Rs. 2.20 (10.84 per cent) to close at Rs. 18.10.
Yesterday, the US dollar was quoted at Rs 201.97, which was the controlled price of the Central Bank. The actual market rate/ floating rate would be at the Rs 250 level. Some financial analysts predict that the dollar would to go up to Rs 300 towards the end of the year.
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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