Business
Panic selling of shares as rupee depreciation takes its toll
By Hiran H.Senewiratne
CSE activities were positive most of yesterday but began to decline during the latter part of the day due to panic selling by retail traders. The depreciation of the rupee against the dollar is worrying investors, stock market analysts said.
Trade Minister Bandula Gunewardene told parliament this week that the rupee exchange rate is controlled at 200 levels with great difficulty and if allowed to decline it could hit 300-350 levels, given past trends. However, he did not give a timeline for the Rs. 350 depreciation and other negative sentiments in the external environment combined with it to create some worries for CSE investors, analysts said.
Some index heavy companies were the main negative contributors to the All Share Price Index. Both indices moved downwards. The All Share Price Index moved down by 47.59 points and S and PSL20 went down by 25.78 points.
Turnover stood at Rs. 1.49 billion with one crossing. The crossing was reported in HNB, which crossed 179200 shares to the tune of Rs. 23.3 million; its shares traded at Rs. 130. It is said that share prices in 97 companies rose and 105 recorded negative.
LOLC shares went down by 3 percent or Rs. 9.50. Its shares started trading at Rs. 302.50, at the end of the day they moved down to Rs. 293, contributing six negative points to the All Share Price Index. Expolanka shares dropped by 5 percent or Rs. 2.30. Its shares started trading at Rs. 46 but at the end of the day they went down to Rs. 43.70, contributing 7.6 negative points to the All Share Price Index and Commercial Leasing, being an illiquid company in the CSE, contributed 7 negative points to the All Share Price Index yesterday. Its share price dropped by 7.8 percent or 50 cents. Its shares started trading at Rs. 6.40 at the beginning of the day and at the end of the day they moved down to Rs. 5.90.
Top five companies that mainly contributed to the turnover were, Browns Investments Rs. 478.4 million (86.5 million shares traded), Expolanka Rs. 131.8 million (94.7 million shares traded), Dipped Products Rs. 94.7 million (two million shares traded), JKH Rs. 73.8 million (494,000 shares traded) and LOLC Rs. 71.5 million (236,000 shares traded). During the day 114.2 million share volumes changed hands in 15700 transactions.
Sri Lanka’s rupee quoted steady at 199.00/200 to the one week US dollar on Thursday, while yields are flat in dull market, dealers said. The rupee last closed in the one-week forward market at 199.50/200.50 to the US dollar on Wednesday.
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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