Business
CSE seen as being controlled by a few people; ‘not a proper platform to list SOEs’
By Hiran H.Senewiratne
The CSE is not a proper platform to list state owned enterprises because it’s being controlled and dominated by a few people or small groups of them. It cannot be a match for leading stock markets like the London Stock Market because it doesn’t reflect a broader perspective, President Ranil Wickremesinghe said.
“Either you must change or bring into being a new organization to broad base the stakeholder participation level without allowing a small set of people to control it, Wickremesinghe told an economic forum which was organized by the Advocata Institute and held at the BMICH yesterday.
The President added: “As a small country we have to be highly competitive and need to restructure state owned enterprises either by listing in the CSE or by private-public participation of SOEs. Therefore, the need of the hour is to change the CSE’s current system or set up a new organization to increase the wage level among people of the country.”
Meanwhile, the CSE was extremely bullish yesterday and was characterized by profit- takings. It is said that blue chips became the center of attraction among local and foreign investors driven by Lanka IOC, which attracted fresh buying interest due to high profit achievements, stock market analysts said.
Further, both indices moved upwards. The All- Share Price Index went up by 104.2 points and S and P SL20 rose by 43.6 points. Turnover stood at Rs 3.7 billion with one crossing. The crossing was reported in Melstacorp, which crossed 2.9 million shares to the tune of Rs 129.4 million; its shares traded at Rs 43.60.
In the retail market, seven companies that mainly contributed to the turnover were; Lanka IOC Rs 1.16 billion (ten million shares traded), Expolanka Holdings Rs 588 million (2.8 million shares traded), JKH Rs 217 million (1.8 million shares traded), Hayleys Rs 153 million (1.6 million shares traded), Browns Investments Rs 141 million (18 million shares traded), Melstacorp Rs 138 million (3.1 million shares traded) and LOLC Holdings Rs 128 million (251,000 shares traded). During the day 101.9 million share volumes changed hands in 30000 share transactions.
It is said high net worth and institutional investor participation was noted in Melstacorp, JKH and CIC Holdings. Mixed interest was observed in Expolanka Holdings, Lanka IOC and ACL Cables, while retail interest was noted in LOLC Finance, Browns Investments and Softlogic Capital. Lanka IOC and LOLC Finance were also included amongst the top turnover contributors.
Transportation sector was the second largest contributor to the market turnover (due to Expolanka Holdings) while the sector index gained 8.84 per cent.The share price of Expolanka Holdings increased by Rs 17 (8.84 per cent ) to close at Rs 209.25.
Food, Beverage and Tobacco sector was also among the highest contributors to the market turnover (due to Melstacorp and Browns Investments) while the sector index edged down by 0.11 per cent.
Further, global crude oil prices are now going down considerably. Today the Brent crude oil price is US $ 94 per barrel, while the West Texas Intermediary (WTI) rate is US $ 89. Therefore, the oil price decrease will positively impact the Sri Lanka economy, market analysts 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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
