Business
CSE suffers circuit breaker below one minute of starting trading
By Hiran H.Senewiratne
The current political, social and economic instability had hit almost all sectors of the country yesterday. CSE, which resumed its trading activities after five days of shut- down, experienced two circuit breakers. The first circuit breaker occurred below one minute after starting trading on the floor, stock market analysts said.
CSE stock trading was closed for the day after the index of liquid stocks fell over 10 per cent yesterday. It re-opened for the week yesterday after a 7 per cent rate hike, a two-week holiday in which period the Central Bank announced a soft-default and began IMF discussions.
The ASPI was 500 points down at 7,593.39 as soon as the market opened. Most liquid index S&P SL20 also fell over 7.06 per cent within minutes after market started trading. The trading was halted and the CSE said trading will resume at 11.01 am. The stock exchange has circuit breakers at 5.0 percent, 7.5 per cent and 10.00 per cent, after which the market is closed.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 621.4 points and S and P SL20 declined by 268.3 points. Turnover stood at Rs 265 million, without a crossing. Forced selling resulted in this low level of trading. It marked a two year low in turnover, stock market analysts said.
In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs 73.6 million (602,000 shares traded), Browns Investments Rs 25.6 million (five million shares traded), Hayleys Rs 19.3 million (311,000 shares traded), Royal Ceramic Rs 11.4 million (391,000 shares traded) and JKH Rs 8.3 million (64000 shares traded). During the day 30 million share volumes changed hands in 5902 transactions, which was lowest after two years.
The commercial banks quoted the rupee at Rs 330/345 for telegraphic transfers on April 25, rising from the previous week, while the interbank spot was mostly inactive, market participants said. The Central Bank’s indicative spot was quoted at Rs 334.8 against the US dollar yesterday.
With the high interest rates the investors are now switching to government securities, such as, Treasury Bonds and Treasury Bills, which trend has negatively impacted the equity market, stock market analysts added.
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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