Business
Optimism in share market following reassurances of support for SL’s debt restructuring by creditors
By Hiran H.Senewiratne
CSE trading activities were positive throughout yesterday and some optimism was noted in all sectors. The positive outlook stemmed from creditors’ reassurances of support for restructuring the country’s external debt to enable it to obtain an IMF bailout. India’s External Affairs Minister S Jaishankar, for instance, pledged to support crisis-hit Sri Lanka’s debt restructuring efforts, stock market analysts said.
Consequently, shares shot up in mid- day trade. The market moved to green territory due to India agreeing to restructure debts and investors expect China to follow suit, the analysts said.
On top of that, at the Treasury Bill auction, Treasury Bill prices indicated a declining trend, which also helped to improve investor sentiment in the market, market analysts added. The market had seen a pick- up after President Ranil Wickremesinghe said that debt restructuring talks with India and China are successful.
Amid those developments both indices moved upwards. The All-Share Price Index went up by 233.23 points and S and P SL20 rose by 89.6 points. The e market generated a turnover of Rs. 2.24 billion within four crossings. Those crossings were reported in JKH, which crossed 500,000 shares to the tune of Rs 48.75 million, its shares traded at Rs 137.50, Lion Brewery 8600 shares crossed for Rs 52.1 million, its shares fetched Rs 600, Sampath Bank one million shares crossed for Rs 40 million and its shares traded at Rs 40 and HNB 265,000 shares crossed to the tune of Rs 20.9 million, its shares fetched Rs 39.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 221 million (1.1 million shares traded), Hayleys Rs 221 million (2.9 million shares traded), Hemas Holdings Rs 132 million (2.2 million shares traded), Sampath Bank Rs 101 million (2.5 million shares traded), People’s Leasing Rs 90.9 million (14.6 million shares traded), Softlogic Life Insurance Rs 89.1 million (834,000 shares traded) and Browns Investments Rs 77.1 million (11.5 million shares traded). During the day 89.9 million share volumes changed hands in 21000 transactions.
In previous sessions, the market was carried on life insurance shares, but the market is moving on broader interest and pickup, analysts further stated.It is said high net worth and institutional investor participation was noted in JKH. Mixed interest was observed in Hayleys, First Capital Holdings and Capital Alliance, while retail interest was noted in Industrial Asphalts, LOLC Finance and Browns Investments.
The Capital Goods sector was the top contributor to the market turnover (due to Hayleys and JKH) while the sector index gained 1.14 per cent. The share price of Hayleys increased by Rs. 6.30 (9.80 per cent) to close at Rs. 70.60. The share price of JKH lost 50 cents to close at Rs. 136.25.
The Diversified Financials sector was the second highest contributor to the market turnover (due to Softlogic Capital, First Capital Holdings and Capital Alliance) while the sector index increased by 0.49%.
The share price of Softlogic Capital moved up by 10 cents to close at Rs. 15.10. The share price of First Capital Holdings recorded a gain of Rs. 1.30 (3.77 per cent) to close at Rs. 35.80. The share price of Capital Alliance declined by 40 cents to close at Rs. 31.10.
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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