Business
‘Low valuation of good stocks enabled CSE to realize a net foreign inflow of Rs. 51 billion in 2022’
By Hiran H. Senewiratne
The CSE witnessed more than Rs 50 billion in net foreign inflows due to low valuation of good stocks in the market last year, its Chief Executive Officer Rajeeva Bandaranaike stated.
“Our market is now getting attractive with the digitalization of the system and the introduction of new products in the stock market. Despite the market’s volatility it kept going well. Further, market capitalization of the stock market is 22 per cent of the GDP, Bandaranaike said at a media briefing at Shangri La Hotel on Wednesday. The event was organized by the CSE.
The CEO said that this year they could complete the third and final market digitalization process and also commence a project to introduce the Central Counter Party System, which reduces risks when executing transactions.Bandaranaike added: ” The party in between will manage the buying and selling risk for foreign and institutionalized investors and the completion of the entire set of rules of CSE will be in line with the new SEC Act, which will be passed in the parliament soon.
“To promote good governance in the market, a programme on demutualization of the market is now in the process of being implemented, which will change the structure of the CSE in line with international standards.”
Amid these developments the CSE edged down in mid- market trade yesterday. Delays in the materialization of International Monetary Fund decisions and delayed government action are pushing investors away from market activity, an analyst said.
A Standard Chartered Bank report on Sri Lanka mentions that the overall process of the IMF bailout will be further delayed due to delays in creditors’ confirmation on debt restructuring. This has dampened investor sentiment to a greater extent.
Consequently, both CSE indices moved downwards. The All- Share Price Index went down by 46.21 points and S and P SL20 declined by 10.75 points. Turnover stood at Rs 1.9 billion with two crossings. The crossings took place in Amana Bank, which crossed 111 million shares to the tune of Rs 321 million and its shares traded at Rs 2.90 and Melstacorp 680,000 shares crossed to the tune of Rs 31.3 million, its shares traded at Rs 46.
In the retail market top seven companies that mainly contributed to the turnover were; Softlogic Capital Rs 586 million (33.3 million shares traded), Softlogic Life Insurance Rs 192 million (1.6 million shares traded), JKH Rs 78.2 million (575,000 shares traded), Expolanka Holdings Rs 66.9 million (391,000 shares traded), Browns Investments Rs 63.3 million (9.7 million shares traded), Lanka IOC Rs 59.3 million (324,000 shares traded) and LOLC Finance Rs 57.7 million (8.2 million shares traded). During the day 196 million share volumes changed hands in 18000 transactions.
Despite the current odds the CSE recorded satisfactory turnover levels. The market is these days being driven by the Softlogic Group of companies.Yesterday the US dollar buying rate was Rs 360.39 and the selling rate Rs 371.46.
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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