Business
Oil price worries negatively impact share market
By Hiran H.Senewiratne
The CSE weakened further yesterday with indices declining amid lower turnover as investor sentiment turned bearish due to budgetary worries and month- end profit- takings. But stock market analysts worried over the possibility of world oil prices going up in future because the Organization of Petroleum Exporter Countries (OPEC) had decided to cut global oil supplies.
Shares slipped over 1 per cent in mid-day trade for the second day and indices remained in negative territory amid moderate turnover as investors awaited cues on next week’s budget, which is expected to pave the way for huge tax impositions. An increase in oil prices adds insult to injury, stock market analysts said.
Amid those developments both indices moved downwards. The main All Share Price Index fell approximately 2.3 per cent or 183.16 points to 8828.08 and the most liquid index slipped 2.92 per cent or 85.93 points to 2,858.57. Turnover stood at Rs 2.1 billion with two crossings. Those two crossings were reported in Windforce PLC, which crossed seven million shares to the tune of Rs 122.5 million, its shares traded at Rs 17.50 and Chevron Lubricants 450,000 shares crossed to the tune of Rs 42 million, its shares traded at Rs 93.50.
In the retail market, companies that mainly contributed to the turnover were; Expolanka Holdings Rs 244 million (1.1 million shares traded), LOLC Finance Rs 87.8 million (10.8 million shares traded), Asiya Siyaka Commodities Rs 65.6 million (14.8 million shares traded), Hayleys Rs 52.9 million (523,000 shares traded), Kotagala Plantations Rs 45.3 million (5.1 million shares traded) and Browns Investments Rs 41.8 million (5.2 million shares traded). During the day 104 million share volumes changed hands in 28000 share transactions.
It is said that high net worth and institutional investor participation was noted in JKH, Kahawatte Plantations and Horana Plantations. Mixed interest was observed in Lanka IOC, Expolanka Holdings and Kotagala Plantations, while retail interest was noted in Asia Siyaka Commodities, Browns Investments and SMB Leasing.
Food, Beverage and Tobacco sector was the top contributor to the market turnover (due to Kotagala Plantations and Kahawatte Plantations) while the sector index edged down by 0.04 per cent. The share price of Kotagala Plantations moved up by 80 cents (9.20 per cent) to close at Rs. 9.50. The share price of Kahawatte Plantations appreciated by Rs. 3.80 (10.86 per cent) to close at Rs. 38.80.
Energy sector was the second highest contributor to the market turnover (due to Lanka IOC), while the sector index edged down by 0.02 per cent. The share price of Lanka IOC closed flat at Rs. 179.50.Yesterday, the Central Bank’s US dollar buying rate was Rs 357.40 and the selling rate Rs 368.71. The Central Bank’s prudent monetary policy has stabilized the rupee depreciation to a great extent, financial 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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