Business
Increasing hopes of IMF bailout help buoy share market
By Hiran H.Senewiratne
CSE daily trading for 2023 began on a positive note yesterday because investors are expecting the IMF loan to materialize soon, thereby enabling the country to attract direct foreign investments without any issue, Vice President, Softlogic Stockbrokers Eardly Kern said.
“If we get the IMF package, it will be a great opportunity to attract investments into the Port City and other ventures involving foreign direct investments, from this year onwards, Kern told The Island Financial Review.
Kern said shares gained in mid- day trade on the first day of 2023. The market has seen buying interest, fueled after the holiday season came to an end, he added.
“Buying interest has come in on retail and life insurance counters, after the comments made by the Central Bank Governor Dr Nandalal Weerasinge on interest rates coming down, analysts said.
Sri Lanka’s 12-month inflation in Colombo eased to 57.2 per cent in December 2022 from 61 per cent in November last year as prices began to stabilize after interest rates were allowed to go up and the exchange rate was pegged to around 360 to the US dollar, market analysts said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 19.94 points and S and P SL20 rose by 16.57 points. Turnover stood at Rs 1.8 billion with a single crossing. That crossing was reported in Agstar PLC, which crossed 15.5 million shares to the tune of Rs 246 million and its shares traded at Rs 16.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital Rs 515 million (45.6 million shares traded), Softlogic Life Insurance Rs 281 million (3.1 million shares traded), JKH Rs 94.5 million (698,000 shares traded), Browns Investments Rs 86 million (12.2 million shares traded), LOLC Finance Rs 79.7 million (9.8 million shares traded), Lanka IOC Rs 64.2 million (314,000 shares traded) and First Capital Holdings Rs 58.8 million (1.9 million shares traded). During the day 130 million share volumes changed hands in 19000 transactions.
It is said that Softlogic Life Insurance and Softlogic Capital shares became active yesterday, which propelled the market to reach green territory.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 360.40 and the selling rate Rs 371.60.
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
