Business
CSE’s loss of value over three days snowballs to Rs. 570 billion
By Hiran H.Senewiratne
The loss of value suffered by the CSE in the past three days snowballed to more than Rs. 570 billion as local investors reacted negatively to worsening local economic realities though foreigners stepped up buying at bargain prices.
Sending fresh fears, the more active S&P SL20 Index crashed by 5 per cent triggering a halt in CSE trading only to be followed by a further 2.5 per cent dip. The benchmark index dipped further as well. The All -Share Price Index recorded a six- month low yesterday as it dropped below the 9000 points level for first time since September 24, 2021.
Since last Friday, market capitalization has declined by Rs. 578 billion and is now below the psychological Rs. 4 trillion mark. The ASPI and S&P SL20 are down 24 per cent year to date, as against a 14 per cent dip on Friday.
Despite the dismal performances some die- hard investors took comfort in a late rally, thanks to bargain hunters and expect the market to rebound today with fresh buying by locals too.
Accordingly, both indices moved downwards. The All- Share Price Index went down by 391 points and S and P SL20 declined by 221 points. Turnover stood at Rs 2.3 billion but no crossings took place.
In the retail market top seven companies that mainly contributed to the turnover were: LOLC Finance Rs 774 million (55.6 million shares traded), CTC Rs 385 million (668,000 shares traded), Expolanka Holdings Rs 351 million (1.6 million shares traded), LOLC Finance Rs 108 million (180.000 shares traded), Access Engineering Rs 73.8 million (4.8 million shares traded), Browns Investments Rs 69.8 million (9.1 million shares traded) and JKH Rs 63 million (435,000 shares traded) .During the day 110 million share volumes changed hands in 17000 transactions.
It said high networth and institutional investor participation was noted in Melstacorp, Hayleys and JKH. Mixed interest was observed in Expolanka Holdings, LOLC Holdings and
Lanka Orix Finance while retail interest was noted in SMB Leasing non-voting, Browns Investments and Industrial Asphalts. Transportation sector was the top contributor to the market turnover (due to Expolanka Holdings).
Yesterday the US dollar selling rate was Rs 298 and the buying rate Rs. 299.
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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