Business
Market players wary of IMF board-level approval, monetary policy direction
By Hiran H. Senewiratne
Trading at the Colombo Stock Exchange (CSE) kicked off with a positive note yesterday, but later turned negative with profit takings recorded on several stocks.
” Central Bank Governor Dr. Nandalal Weerasinghe’s recent comments to Reuters that the country’s debt restructuring and IMF board level approval would likely be delayed by another six months was in part a reason for the market to fall, market analysts said.Therefore, the stock market fell in mid day trade, a day after the market gained on debt restructuring assurance feedback by India and China, an analyst said. “Although The market, although it’s in the red, still is on a positive sentiment, because the market gained in the past few sessions and is bound to slow down,” the analyst said.
Investors are waiting for the Monetary Policy Review by the Central Bank due today, which is another reason why the market is on slower sentiments, analysts said.
Amid those developments both indices moved downwards. All Share Price Index down by 88.55 points and S and P SL20down by 32.6 points. Turnover stood at Rs 1.48 billion with a single crossing. The crossing was reported in Sunshine Holdings, which crossed 590,000 shares to the tune of Rs 23 million and its share price traded at Rs 39.
In the retail market, the top seven companies that mainly contributed to the turnover were Browns Investments Rs 125 million (17.5 million shares traded), Softlogic Life Insurance Rs 120 million (1.1 million shares traded), Softlogic Capital Rs 101.5 million (6.9 million shares traded), Sampath Bank Rs 94.7 million (2.2 million shares traded), Expolanka Holdings Rs 80.7 million (412,000 shares treated). ACL Cables Rs 68.7 million (853,000 shares traded)) and LOCL Holdings Rs 56.5 million (131,000 shares traded). During the day 70.6 million share volume changed hands in 21000 transactions.
It said high net worth and institutional investor participation was noted in Sampath Bank. Mixed interest was observed in Expolanka Holdings, First Capital Holdings and Capital Alliance whilst retail interest was noted in Browns Investments, Industrial Asphalts and LOLC Finance.The Diversified Financials sector was the top contributor to the market turnover (due to First Capital Holdings, First Capital Treasuries and Capital Alliance) whilst the sector index gained 4.06 percent.
The share price of First Capital Holdings gained Rs. 3.10 (8.40 percent ) to close at Rs. 40. The share price of FirstCapital Treasuries recorded a gain of Rs. 1.50 (5.86 percent) to close at Rs. 27.10. The share price of Capital Alliance appreciated by Rs. 2 (6.45 percent) to close at Rs. 33.The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments) whilst the sector index increased by 2.09 percent . The share price of Browns Investments increased by 40 cents (5.97 percent) to close at Rs. 7.10.
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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