Business
Macro-economic constraints bring down CSE; fuel crisis a factor
By Hiran H.Senewiratne
The CSE slipped within the first hour of trading yesterday after opening in green territory due to macro- economic constraints, stock market analysts said.
The ongoing acute fuel crisis has affected most economic and business activities. Further, the Fed Reserve (US Central Bank) has increased 75 basis points and another 50-70 basis points are to be increased by the US monetary regulator, market analysts added.
On the previous day the US Central Bank announced its biggest interest rate rise in 30 years as it fights to control rising consumer prices. The federal government said it would increase key interest rates by three quarter percentage points in a range of 1.5 per cent to 1.75 per cent. Further, the Chinese zero Covid-19 policy also affected the global supply chain in almost all the sectors in the world, stock market analysts explained. In the global scenario, supply side inflation is reportedly visible in a negative way.
With high global inflation most of the economies, especially European countries, are also tightening and adjusting monetary policies, which have negatively impacted the equity market/stock market globally, including the Sri Lankan stock market. Amid those developments, both indices moved downwards. The All- Share Price Index went down by 66.8 points and S and P SL20 declined by 24.6 points. Turnover stood at Rs 786 million with a crossing. The crossing was reported in JKH, which crossed 200,000 shares to the tune of Rs 25 million, its shares traded at Rs 125.
It is said the bourse closed in red territory for the second consecutive day with intensified selling pressure owing to the reiteration by Prime Minister Ranil Wickramasinghe that the next three weeks will be strenuous as the country is toiling to get adequate stocks of fuel and gas.
In the retail market top seven companies that mainly contributed to the turnover were, Browns Investments Rs 150 million (17.1 million shares traded), Expolanka Holdings Rs 92.2 million (525,000 shares traded), Lanka Wall Tiles Rs 89.3 million (1.4 million shares traded), Lanka IOC Rs 80.2 million (1.1 million shares traded), JKH Rs 43.3 million (349,000 shares traded), Royal Ceramic Rs 27.5 million (997.000 shares traded) and Hayleys Fabrics Rs 16.4 million (512,000 shares traded). During the day 41.7 million share volumes changed hands in11000 transactions.
It is said high net worth and institutional investor participation was noted in HNB, CT Holdings and John Keells Holdings. Mixed interest was observed in Expolanka Holdings, Lanka IOC and LOLC Holdings, while retail interest was noted in Browns Investments, Muller & Phipps and LOLC Finance. The transportation sector was the second-highest contributor to the market turnover (due to Expolanka Holdings). It is said the Food, Beverage and Tobacco sector was the top contributor to market turnover (due to Browns Investments).
Yesterday the Central Bank US dollar buying rate was Rs 355.67 and selling rate Rs 366.49. The rupee quoted by commercial banks against telegraphic transfers fell to Rs 367 at yesterday’s trading, falling from Rs 366 on the previous day (Wednesday).The Central Bank’s interbank spot trade was at Rs 359.85 under a daily guidance rate, unchanged from Wednesday.
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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