Business
Heavy share sellouts in Expolanka Holdings and LOLC Group negatively impact bourse
By Hiran H.Senewiratne
CSE trading was highly volatile yesterday despite December quarterly results of listed companies showing positive performances but CSE turnover was quite healthy as on most other days. The reason being index- heavy companies, mainly two blue chip counters, recording share sellouts, stock market analysts said.
At the beginning the stock market was positive but during the latter part of the day due to heavy sellouts/profit takings, especially in Expolanka Holdings and LOLC Group, the stock market turned negative, market analysts said.
This week, the ASPI has been down 3.6 per cent or 486 points and the S&P SL20’s plunge is sharper at 4.4 per cent or 204 points. The market capitalization of the CSE has lost Rs. 285 billion to close at Rs. 5.73 trillion as opposed to Rs. 6.01 trillion last Friday.
Accordingly, both indices moved downwards. The All- Share Price Index went down by 22.5 points and S and P SL20 declined by 4 points. Turnover stood at Rs 8.4 billion with a single crossing. The crossing was reported in Expolanka, which crossed 81000 shares to the tune of Rs 29.5 million, its shares traded at Rs 362.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 1.8 billion (5.1 million shares traded), Softlogic Life Insurance Rs 787 million (4.7 million shares traded), Browns Investments Rs 477 million (30.6 million shares traded), ALC Cables Rs 266 million (2.2 million shares traded), LOLC Holdings Rs 256 million (220,000 shares traded), Agstar Rs 202 million (17.9 million shares traded) and Vallibel One Rs 159 million (1.8 million shares traded). During the day 239 million share volumes changed hands in 49000 transactions.
High net worth and institutional investor participation was noted in Chevron Lubricants, Access Engineering and Hayleys. Mixed interest was observed in Expolanka Holdings, Softlogic Life Insurance and LOLC Holdings, while retail interest was noted in Browns Investments, SMB Leasing non-voting and Industrial Asphalts.
It is said the Transportation sector was the top contributor to market turnover (due to Expolanka Holdings), while the sector index lost 4.79 per cent. The share price of Expolanka Holdings decreased by Rs. 18 (4.77per cent) to close at Rs. 359.
The Food, Beverage and Tobacco sector was the second-highest contributor to the market turnover (due to Browns Investments), while the sector index decreased by 1.92 per cent.
Yesterday, the US dollar was quoted at Rs 202, which was the Central Bank controlled price. Actual price would be at the Rs 250 level, sources said.
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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