Business
Fuel price reductions seen as a key to share market growth
By Hiran H.Senewiratne
The local stock market has the potential to grow further and business activities too could improve if fuel prices are reduced to a greater degree. Global crude oil prices are on a downward trend. They are now less than US $ 100 per barrel and they are continuing to go down in price. The CPC is currently grappling with heavy cumulative losses and consequently the government will not reduce fuel prices in a big way, market analysts said.
Amid those developments yesterday, both CSE indices moved upwards. The All -Share Price Index gained 65.18 points (0.73 per cent) to end at 8,975.75 and S and P SL20 gained 1,62 points (0.05 per cent ) to end the day at 2963.95. Turnover stood at Rs 3.1 billion with two crossings. Those crossings were reported in Lankem Development, which crossed two million shares to the tune of Rs 50.4 million, its shares traded at Rs 25.20 and JKH 310,000 shares crossed to the tune of Rs 39.7 million, its shares fetched Rs 128.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 483 million (2.6 million shares traded), Expolanka Holdings Rs 483 million (2.2 million shares traded), Lankem Development Rs 245 million (10.4 million shares traded), Browns Investment Rs 131 million (14.7 million shares traded), Renuka Agri Business Rs 122 million (14.7 million shares traded), Hayleys Fabrics Rs 118 million (2.9 million shares traded) and LOLC Holdings Rs 76 million (129,000 shares traded). During the day 14.5 million share volumes changed hands in 35000 share transactions.
It is said high net worth and institutional investor participation was noted in JKH, HNB and Sampath Bank. Mixed interest was observed in Lanka IOC, Expolanka Holdings and LOLC Holdings, while retail interest was noted in Browns Investments, Lankem Developments and Renuka Agri Foods.
The Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Lankem Developments and Browns Investments) while the sector index gained 1.17 per cent. The share price of Lankem Developments moved up by Rs. 4.20 (23.73 per cent) to close at Rs. 21.90. The share price of Browns Investments appreciated by 10 cents to close at Rs. 8.20.
The Energy sector was the second highest contributor to the market turnover (due to Lanka IOC), while the sector index increased by 1.12%. The share price of Lanka IOC increased by Rs. 2 (1.08%) to close at Rs. 188.
Expolanka Holdings and JKH were also included among the top turnover contributors. The share price of Expolanka Holdings gained 75 cents to close at Rs. 211.75. The share price of John Keells Holdings recorded a loss of 25 cents to close at Rs. 127.75.
Yesterday the Central Bank’s dollar buying rate was Rs 357.41 and the selling rate Rs 368.72. It is said that pressure on the exchange rate is easing with higher interest rates and a slowdown in credit with curb premiums also falling, Central Bank Governor Dr. Nandalal Weerasinghe told a monthly policy review meeting last Thursday.
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
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