Business
Lanka IOC share price depreciation negatively impacts bourse
By Hiran H.Senewiratne
Net foreign inflow to the CSE has hit a 10-year high of Rs. 24.6 billion despite the country’s external debt default and shrinking economy, analysts said. But the CSE waxed negative yesterday due to a share price depreciation of Lanka IOC stocks, besides other factors.
Foreign inflow in December so far has been Rs. 7 billion. This has propelled the year-to-date figure to Rs. 24.6 billion, surpassing the previous best of Rs. 22.7 billion achieved in 2013. Sri Lanka’s highest ever net foreign inflow of a mammoth Rs. 38.6 billion was in 2012.
This year’s net foreign inflow is singularly due to parent SG Holdings of Japan buying into Sri Lanka’s most valuable listed entity Expolanka Holdings, its sources said. Parent SG Holdings of Japan has increased its stake in Sri Lanka’s most valuable listed entity Expolanka Holdings PLC to 81 per cent as of Friday from 79 per cent by end September.
Amid those developments, the CSE was negative throughout yesterday due to profit- takings. One of the main contributing factors to the market downturn was the price depreciation of Lanka IOC, due to the market speculation on price revisions. Further, turnover has improved and institutional and foreign participation is still at a high level, stock market analysts said.
The stock market plunged in mid-market trade due to profit- taking and the market was on a downward trend throughout the morning. “Towards the end of the month we saw some profit- taking and sell-offs, an analyst said.
The All- Share Price Index was down by 113 points, while S&P SL20 was down by 54.2 points. The market generated a revenue/turnover of Rs 2.5 billion with four crossings. Those crossings were reported in Expolanka Holdings, where 3.1 million shares crossed to the tune of Rs 652 million, its shares traded at Rs 2.10, CIC Holdings 1.3 million shares crossed to the tune of Rs 106.3 million, its shares traded at Rs 85, JKH 425,000 shares crossed for Rs 59.5 million, its shares fetched Rs 140 and Lanka IOC 200,000 shares crossed for Rs 44.6 million, its shares fetched Rs 223.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 543 million (2.4 million shares traded), Expolanka Holdings Rs 182 million (880,000 shares traded), Richard Pieris Rs 118 million (4.3 million shares traded), Browns Investments Rs 113 (15.6 million shares traded), First Capital Holdings Rs 89.6 million (2.9 million shares traded), Softlogic Capital Rs 85.2 million (13.5 million shares traded) and Softlogic Life Insurance Rs 67.1 million (1.1 million shares traded). During the day 74.9 million shares changed hands in 17000 transactions.
Yesterday, the Central Bank announced the US dollar exchange rate as Rs 371.77.
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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