Business
CSE trading takes positive turn in the wake of buying interest in apparel counters
By Hiran H.Senewiratne
CSE trading activities were positive yesterday with the buying interest for apparel sector counters rising due to potential orders for South Asian countries’ apparel, including those of Sri Lanka, due to the Covid 19 lock down in China, stock market analysts said.
The COVID-19 outbreak has deeply impacted China’s textile and apparel market, which creates business opportunities for the South Asian region, especially Sri Lanka. China is one of the most prominent players in the global textile market with maximum production and exports in the textile industry.
According to official Chinese data, trade between the two countries – India and China – was down 12.4 per cent year-on-year in January and February. This was the time when the coronavirus epidemic was peaking in China. China’s exports to India during this period was 67.1 billion yuan, 12.6 per cent down from last year, while imports from India dropped 11.6 per cent to 18 billion yuan.
China’s apparel manufacturing has slowed down during the Coronavirus pandemic and so have exports. Slowly, apparel manufacturers are back on track while apparel exports will still take some time to return to shape.
Further, Lanka IOC share prices also appreciated due to speculation on a probable fuel price hike, stock market analysts said.
Amid those developments both indices moved upwards. All -Share Price Index went up by 34.8 points and S and P SL20 rose by 19.2 points. Turnover stood at Rs 1.4 billion with three crossings. Those crossings were reported in Ramboda Falls, where 10.4 million shares crossed to the tune of Rs 278 million, its shares traded at Rs 26.80, Melstacorp 1.5 million shares crossed to the tune of Rs 64.5 million, its shares traded at Rs 43 and Commercial Bank 760,000 shares crossed to the tune of Rs 41 million, its shares fetched Rs 54.
In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 161 million (752,000 shares traded), Lanka IOC Rs 137 million (2.7 million shares traded), Browns Investments Rs 117 million (11.9 million shares traded), Hela Apparel Rs 62.8 million (5.2 million shares traded), Dialog Axiata Rs 57.8 million (six million shares traded), Melstacorp Rs 50 million (1.1 million shares traded) and LOLC Finance Rs 35.5 million (four million shares traded). During the day 69.7 million share volumes changed hands in 12000 transactions.
It is said, high net worth and institutional investor participation was noted in Cargills and Aitken Spence. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and Lanka IOC, while retail interest was noted in Browns Investments, SMB Leasing nonvoting and LOLC Finance.
Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Browns Investments) while the sector index gained 0.39 per cent.
The Transportation sector was the second-highest contributor to the market turnover (due to Expolanka Holdings) while the sector index decreased by 2.55 per cent. The share price of Expolanka Holdings lost Rs. 5.50 (2.54 per cent) to close at Rs. 210.75.
Yesterday, the Central Bank announced the US dollar buying rate as Rs 355.61 and selling rate as Rs 365.58.
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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