Business
Lack of positive state feedback on IMF bailout hampers bourse
By Hiran H.Senewiratne
A lack of confirmation at the government’s end on the IMF bailout has dampened the CSE, resulting in the weakening of buying possibilities for investors, stock watchers said.
‘The CSE fell in mid-day trade yesterday on no positive feedback from the government side on the IMF’s US $2.9 billion bailout. Consequently, both indices moved downwards, reporting a low turnover level, an analyst said.
The All- Share Price Index fell by 147.8 points and S and P SL20 went down by 66.8 points. Turnover stood at Rs 1.26 billion with two crossings. Those crossings were reported in Melstacorp, which crossed 1.4 million shares to the tune of Rs 72.6 million, its shares traded at Rs 51 and CTC 79000 shares crossed for Rs 50.7 million, its shares fetching Rs 643.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic LIfe Insurance Rs 178 million (1.36 million shares traded), Softlogic Capital Rs 159 million (9.7 million shares traded), Expolanka Holdings Rs 143 million (803,000 shares traded), Lanka IOC Rs 98 million (524,000 shares traded), Melstacorp Rs 58.9 million (1.15 million shares traded), Aitken Spence Rs 45.1 million (300,000 shares traded) and Agstar PLC Rs 39.4 million (2.9 million shares traded). During the day 51.6 million share volumes changed hands in 13000 transactions.
Meanwhile, local bond yields opened higher on Monday, dealers said, while a guidance peg for interbank transactions remained steady.
A bond maturing on 01.07.2025 was quoted at 32.30/50 per cent, up from 32.20/50 from Friday’s close. A bond maturing on 15.05.2026 was quoted at 29.50/80 per cent, up from 29.40/60 per cent on Friday. A bond maturing on 01.05.2027 was quoted at 29.10/50, steady from Friday’s 29.20/50 per cent.
The Central Bank’s guidance peg for interbank US dollar transactions remained unchanged at Rs. 361.92 against the US dollar. Commercial banks offered dollars for telegraphic transfers at Rs. 370.35 on Monday, data showed.
Yesterday the Central Bank‘s dollar buying rate was Rs 359.46 and the selling rate Rs 369.95.
Central Bank Governor Dr. Nandalal Weerasinghe said inflation is likely to come down below 10% by the end of 2023, which would also help to gradually bring down interest rates.
Outlining the rationale for not bringing down interest rates immediately, the Governor explained at a meeting recently that it was difficult to do so as measures taken in 2021 were impacting the economy adversely.
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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