Business
Possible gains for Sri Lankan bourse from rising US inflation
By Hiran H.Senewiratne
The CSE could look forward to more foreign investments coming into the market with the US inflation rate soaring to more than 7.5 per cent currently. When inflation hits these heights, foreign investors could consider investing in other countries’ equity markets, especially in frontier markets like Sri Lanka, stock market analysts said.
The CSE closed in the green regaining Rs. 65 billion of lost value but the rebound yesterday was not strong enough to push the year- to -date ASPI to a gain, signaling CSE is not yet out of the woods. However, the stock market travelled in a positive direction overall because Central Bank Governor Ajith Nivard Cabraal gave the assurance that there will be no default by Sri Lanka in the US $ 1 billion international sovereign bond repayment, scheduled towards the middle of the year. Sections of the international media reported that Sri Lanka would be rescheduling the repayment of international sovereign bonds this year due to the current financial crisis, market analysts explained.
Yesterday the stock market started on a positive note but at one point during the first half of the session the market slowed down. Later it picked up with a strong buying interest for all blue-chip companies. Accordingly, the market was driven by blue chip companies yesterday, market analysts said.
The ASPI’s year to date return, still reflected a negative 0.15 per cent after having lost over 4 per cent last week. S&P SL20 reduced its YTD negative return to 2.8 per cent from 4.27 per cent on Wednesday. The All- Share Price Index went up by 252 points and S and P SL20 rose by 124 points. Turnover stood at Rs 2.9 billion sans a crossing.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 392 million ( 1.2 million shares traded), Browns Investments Rs 219 million (3.7 million shares traded), Sunshine Holdings Rs 201 million (3.7 million shares traded), ACL Cables Rs 158 million (1.4 million shares traded), Vallibel One Rs 123 million (1.5 million shares traded), Royal Ceramic Rs 115 million (1.6 million shares traded) and Softlogic Holdings Rs 107 million (1.4 million shares traded). During the day 95 million share volumes changed hands in 34000 transactions.
Yesterday, several blue- chip companies drove the market. There was Expolanka Holdings, whose share price gained Rs 16 or five per cent. Its share price shot up to Rs 334 from Rs 318; Sunshine Holdings share price appreciated by 10 per cent or Rs 4.70. Its share price moved to Rs 54.40 from Rs 49.70 and Watawala Plantations share price appreciated by seven per cent or Rs 9.25. Its share price shot up to Rs 138.75 from Rs 129.50.
Further, main contributors to the All- Share Price Index were LOLC 47 points, Expolanka Holdings 32 points, Royal Ceramic Rs 18.5 points and Hayleys 10 points.
It is said that high net worth and institutional investor participation was noted in LOLC Holdings, Sunshine Holdings and ACL Cables. Mixed interest was observed in Expolanka Holdings, Vallibel One and Softlogic Life Insurance, while retail interest was noted in SMB Leasing non-voting, Browns Investments and Renuka Agri Foods.
Yesterday, the US dollar was quoted at Rs 203.40, which was the controlled price of the Central Bank.
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
