Business
Positive sentiments on external debt restructuring animates stock trading
By Hiran H.Senewiratne
Trading at the Colombo Stock Exchange (CSE) was positive yesterday following the IMF’s views on the Sri Lankan economy.
The global lender had reported that Sri Lanka’s economy has made impressive progress within a relatively short period, and on the strength of it, the much anticipated agreement signing would take place between the government and the creditors for external debt restructuring.
“The IMF has assessed that there has been “sufficiently strong progress on the debt restructuring” for a review of Sri Lanka’s program by its board on June 12, an official said.
“The authorities have been holding extensive discussions with external official creditors regarding an MOU with the official creditor committee and the final agreements with the Export Import Bank of China,” IMF Communication Director Julie Kozack told journalists in Washington DC.
“Discussions with external bondholders continue with the aim of reaching agreements in principle soon. Negotiations with the China Development bank are also at an advanced stage,” she said.
Amid those developments both indices moved upwards. All Share Price Index up by 22 points while S and P SL 20 up by 11.3 points. Turnover stood at Rs 1.2 billion with a single crossing. The crossing reported in Sampath Bank, which crossed 272,000 shares to the tune of Rs 21.7 million and it’s share price traded at Rs 79.90.
In the retail market top seven companies that mainly contributed to the turnover were HNB Rs 256 million (1.3 million shares traded), Sampath Bank Rs 150 million (1.8 million shares traded), People’s Leasing Rs 68.9 million (5.7 million shares traded), Access Engineering Rs 44.9 million (1.8 million shares traded), Hayley Rs 44 million (446,000 shares traded), DFCC Rs 41.9 million (537,000 shares traded) and Lanka IOC Rs 39.1 million (300,000 shares traded). During the day 38.1 million share volumes changed hands in 9400 transactions.
The banking and financial sector counters were dominating the market due to positive quarterly earnings.
Yesterday, the Central Bank announced it US dollar rate. The rupee improved slightly to open at Rs 302.55/65 to the US dollar in the first half-hour of trading, while bond yields were steady and stocks opened 0.15 percent higher, dealers said.
Sri Lanka rupee closed at Rs 302.80/303.10 to the greenback on the previous day.
In the secondary market, yields were slightly down, dealers said.A bond maturing on 15.12.2026 was quoted down at 9.95/10.00 percent from 9.95/10.05 percent.A bond maturing on 15.09.2027 was quoted at 10.45/65 percent down from 10.50/65 percent.A bond maturing on 01.07.2028 was quoted at 10.90/11.00 percent down from 10.95/11.05 percent.A bond maturing on 15.05.2030 closed at 11.70/80 percent down from 11.75/90 percent.
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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