Business
Macroeconomic considerations have investors worried
By Hiran H.Senewiratne
CSE investor sentiment was dull yesterday because investors were somewhat worried about Sri Lanka’s macroeconomic factors. Consequently, the market at the beginning reflected a dull performance but at midday showed some recovery. However, at the end of sessions the market turned negative, stock market analysts said.
Stock market investor participation was low because investors are adopting a wait and see approach until the release of the monetary policy review of the Central Bank on October 14. The prices of several essential items have skyrocketed and consumers fret over the soaring cost of living, while the pandemic and poor foreign reserves situation too discourage investors from investing in the stock market. These developments have put listed companies also under pressure, stock market analysts added.
Consequently, both indices showed mixed reactions. The All-Share Price Index went down by 8.9 points and S and P SL20 rose by 4.7 points. Turnover stood at Rs two billion with a single crossing. The crossing was reported in HNB, which crossed 450,000 shares to the tune of Rs 66 million, its shares traded at Rs 149.
In the retail market, five companies that mainly contributed to the turnover were; Expolanka Holdings Rs 299 million (1.5 million shares traded), Browns Investments Rs 196 million (18.4 million shares traded), Agstar Rs 120 million (9.9 million shares traded), Royal Ceramic Rs.75 million (1.5 million shares traded) and Colombo Fort Land Rs 73.5 million (4.3 million shares traded). During the day 98 million share volumes changed hands in 23000 transactions.
Yesterday the Sri Lankan rupee was quoted against the US dollar at Rs 200.25. This was a controlled price, which is not the actual market value. The reason to control the price at the Rs 202 level is to prevent prices of goods from skyrocketing in the country.
It is said that foreign investors were net sellers in the equity market, offloading shares worth Rs 149 million, as per exchange data. Sri Lanka government bonds suffered their biggest drop in nearly seven weeks after the Central Bank scrapped a plan to buy back a chunk of the country’s debt on the cheap after default fears pounded prices, market sources said.
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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