Business
Revised ASPI calculation method triggers temporary panic in bourse; but turnover hits Rs 18.4 billion
By Hiran H.Senewiratne
The revised index calculation methodology of the CSE’s All Share Price Index from full market capitalization-weighting to public float-adjusted market capitalization was implemented from yesterday. With the implementation of this new system stock market investors became rather panicky and the market turned negative but during the latter part of the day buying interest was noted and the market turned positive, stock market analysts said.
‘Accordingly, this project should also be completed on time in the same way the Delivery Vs Payment (DVP) project was completed, since this will significantly enhance the post trade risk management of the equity market. Further, the new SEC Act has all the enabling provisions to facilitate the implementation of a Central Counter- Party (CCP) mechanism.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 12.5 points and S and P SL20 rose by 30.2 points. The market turnover stood at Rs. 18.4 billion with two major crossings. The crossings were reported in JKH, which crossed 80.1 million shares, which were equal to five per cent of the total shareholdings to the tune of Rs. 12.9 billion at a share price of Rs 161. Since the company has not yet announced the transaction, CSE sources said that City Group, being the largest shareholder, which owned 440 million shares would have been involved in the transaction by way of an internal transfer or investiture to another party. Another crossing was reported in Kelani Cables, which crossed 170,000 shares to the tune of Rs 102 million; its shares traded at Rs 600.
In the retail market top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs one billion (2.7 million shares traded), Browns Investments Rs 352 million (20.9 million shares traded), ACL Cables Rs 318 million (2.5 million shares traded), Kelani Valley Plantations Rs285 million (2.6 million shares traded), LOLC Holdings Rs 262 million (2.6 million shares traded), Hayleys Rs 221 million (1.5 million shares traded), and LOLC Finance Rs 174 million (6.1 million shares traded). During the day, 207 million share volumes changed hands in 43000 transactions. Further, the Central Bank has given approval for the merging of LOLC Finance and Commercial Leasing and Finance. With the proposed merger Commercial Leasing and Finance will no longer exist.
Yesterday, the US dollar was quoted at Rs 202, which was the controlled rate of the Central Bank to contain prices of import- export items in the country.
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
