Business
CSE turnover improves as investors absorb impact of new policies
By Hiran H. Senewiratne
The CSE slipped yesterday led by stocks that may likely be impacted by the 2023 budget presented this week, but turnover improved as markets and investors gradually absorb the impacts of the policies.
The stock market started on a positive note but could not maintain its momentum due to certain budget proposals. President Ranil Wickremesinghe in his capacity as the Finance Minister presented the 2023 budget in parliament which aimed at raising taxes by 63 per cent year-on-year, while showing some signals on fiscal consolidation.
The overall budget has nothing to do with the share market. But some of the policies will have an impact on some industries and companies. This resulted in both indices moving downwards. The All -Share Price Index went down by 71.7 points and S and P SL20 went down by 15.5 points.
Turnover stood at Rs 1.5 billion with a single crossing. The crossing took place in Kelsey Developments, which crossed 10.4 million shares to the tune of Rs 257 million and its shares traded at Rs 24.60.
In the retail market top seven companies that mainly contributed to the turnover were, SLT Rs 185 million (2.8 million shares traded), Expolanka Holdings (1.1 million shares traded), Hemas Holdings Rs 119 million (2.1 million shares traded), Dialog Rs 103 million (12.2 million shares traded), Lanka IOC Rs 96.5 million (537,000 shares traded), JKH Rs 68.5 million (484,000 shares traded) and HNB Rs 66.8 million (927,000 shares traded). During the day 61.9 million shares traded in 16000 transactions.
‘The budget has mentioned a fuel surcharge tax and that resulted in the fall of Lanka IOC shares. The overall budget is not positive for the retail sector and that dragged Richard Pieris down, observers said.
Richard Pieris fell 12.4 per cent to Rs. 22 and Lanka IOC eased 4.6 per cent to Rs 175.
Market heavyweight Expolanka closed 3.9 per cent weaker at Rs 1422.25.
The budget saw policies that will increase the cost of doing businesses across the board, but relieving the government of depending on excess money printing, analysts say.
The market saw a foreign outflow of Rs 154 million. But the market has seen a total net foreign inflow of Rs 17.7 billion so far for this year.
Analysts expect a bearish sentiment on the banking sector to continue until the government decides on local debt restructuring.
The market has been on a falling trend as investors awaited cues on policies from the 2023 budget.
Investors are also concerned over the impact of local debt restructuring on risky assets, analysts said, as the market is waiting for a debt restructuring decision between the government and its creditors ahead of an IMF loan approval.
Yesterday, the Central Bank- announced US dollar selling price was Rs 360.96 and the buying rate Rs 360.96.
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
