Business
Profit-takings in blue chip counters put an end to bourse’s bullish run
By Hiran H.Senewiratne
The CSE turned negative yesterday having traded with a bullish run for 12 consecutive days due to profit- takings of many counters, especially blue-chip counters. This development could be considered as the market correction, stock market analysts said.
Sri Lanka’s shares fell over 1 per cent in mid-day trade, pulled down by retail shares after gaining for 13 sessions. The main All- Share Price Index fell 0.82 per cent or 75.55 points to 9,115.97 during the middle of the session.
“On selected shares there is profit- taking but overall the market rose about 2200 points in the last 12 sessions, so we were seeing investors shifting into energy and plantation sector shares from the usual Expolanka, Browns Investments, Browns, LOLC and LOLC Finance, a top analyst said.
In the past few weeks, Lanka IOC and plantation sector shares pushed the index up. Lanka IOC stocks became most sought after and owing to the acute fuel shortage they had enough sales and have recorded high profits, while plantation sector stocks increased due to the dollar appreciation against the rupee, market analysts said.
“There is also a reaction in the banking sector counters as well with the banks adjusting for the ISB restructuring and also higher impairments in the sector. Therefore, we are seeing a selloff in banking counters too, analysts said.
The indices however were a bit subdued due to profit- taking. The ASPI gained by 1.8 per cent and the S&P SL20 improved by 0.8 per cent. The All- Share Price Index went down by 105.2 points and S and P SL20 declined by 60.2 points. Turnover stood at Rs 5.4 billion with two crossings. Those crossings were reported in Hunas Falls, which crossed 1.4 million shares to the tune of Rs 54.7 million, its shares trading at Rs 40 and Hela Apparel 3.7 million shares crossed to the tune of Rs 48.9 million, its shares traded at Rs 13.
In the retail market top seven companies that mainly contributed to turnover were, Lanka IOC Rs 1.5 billion (4.8 million shares traded), Expolanka Holdings Rs 665 million (three million shares traded), Browns Investments Rs 459 million (52.1 million shares traded), ACL Cables Rs 320 million (4.2 million shares traded), LOLC Holdings Rs 141 million (230,000 shares traded), Hayleys Rs 117 million (1.1 million shares traded) and EML Consultants Rs 111 million (21 million shares traded). During the day 222 million share volumes changed hands in 42000 transactions.
It is said the market continued its run in the green; however, witnessed some profit- taking in active counters following several sessions of gains. Lanka-IOC, Expolanka and Hayleys, which have witnessed sharp gains recently, closed in the red.
It is said high net worth and institutional investor participation was noted in Lanka IOC, Melstacorp and Royal Ceramics. Mixed interest was observed in Hayleys and Vallibel One, while retail interest was noted in Browns Investments, SMB Leasing and Softlogic Capital.
The Capital Goods sector was the top contributor to the market turnover (due to Hayleys), while the sector index gained 2.86 per cent. The share price of Hayleys recorded a loss of Rs. 3.75 (3.18 per cent) to close at Rs. 114.25.
The Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Browns Investments and Melstacorp) while the sector index increased by 3.39 per cent. The share price of Browns Investments gained 70 cents (8.54 per cent) to close at Rs. 8.90. The share price of Melstacorp appreciated by 80 cents to close at Rs. 55.60. Separately, Lee Hedges PLC announced a cash dividend of one rupee per share.
Yesterday the Central Bank- announced US dollar buying rate was Rs 357.37 and the selling price Rs 368.68.
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
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