Business
Pall of gloom settles on bourse in the wake of price hikes
By Hiran Senewiratne
CSE trading was sluggish throughout yesterday due to price increases in essential consumer items and a deterioration in foreign reserves to dangerously low levels. These gloomy conditions in the country have adversely affected investor sentiment, stock market analysts said.
With the price hike in gas and speculation on a possible fuel price rise, Laugfs Gas and Lanka IOC share prices increased in the stock market. Laugfs Gas voting price appreciated by 11 percent or Rs 2.80. Its shares started trading in the morning at Rs 26.10 and at the end of the day they shot up to Rs 28.90. Meanwhile, Lanka IOC shares increased by 13 percent or Rs 3. Its shares started at Rs 23.70 and at the end of the day they moved up to Rs 26.70.
Increased prices, especially in gas and other essential goods, and foreign reserves dangerously coming down to the US$ 2.5 billion level have put pressure on almost all sectors in the stock market.
Amid those developments, both indices were down. All Share Price Index was down by 18.4 points and S and P SL20 down by 35.3 points. Turnover stood at Rs 2.57 billion with three crossings. Those crossings were reported in HNB, which crossed 406,000 shares to the tune of Rs 60.6 million, its shares traded at Rs 149, NDB 645,000 shares crossed for Rs 49.6 million, its shares traded at Rs 77 and Royal Ceramic 516,000 shares crossed for Rs 24.5 million, its shares fetched Rs 47.50.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs 304 million (1.6 million shares traded), Lanka IOC Rs 239 million (8.9 million shares traded), Royal Ceramic Rs 160 million (3.3 million shares traded), Agstar PLC Rs 114 million (9.8 million shares traded) and Browns Investments Rs 100 million (9.3 million shares traded). During the day 115 million share volumes changed hands in 30000 share transactions.
Yesterday, the Sri Lanka rupee was quoted against the US dollar at Rs 200.50. This was a Central Bank controlled rate, allowing a rise up to Rs. 203. However, this amount is higher in the actual market.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
