Business
Rising gold and oil prices exert negative impact on share market
By Hiran H.Senewiratne
The increase in global oil and gold prices created a negative investor sentiment at the CSE yesterday. Although the stock market commenced operations on a positive note it subsequently moved to red territory with the increase in global oil prices by US$ 30 per barrel and gold by US 2000 per pound, stock market analysts said.
The government is now in a dilemma on whether it should increase fuel prices or not, because if it increases these prices it would trigger a higher inflation rate and if it does not increase fuel prices and absorbs the losses, it would create major fiscal policy issues due to heavy money printing, stock market analysts added.
The current scenario dragged both CSE indices down. The All- Share Price Index went down by 283 points and S and P SL20 declined by 116 points. Turnover stood at Rs 3.5 billion with three crossings. Those crossings were reported in Access Engineering which crossed two million shares to the tune of Rs 49 million, its shares traded at Rs 24.50, JKH 220,000 shares crossed to the tune of Rs 31.8 million, its shares traded at Rs 144.50 and Renuka Holdings 1.7 million shares crossed to the tune of Rs 26.2 million, its shares traded at Rs 15.
In the retail market the top seven companies that mainly contributed to the turnover were; Commercial Leasing and Finance Rs 797 million (16.7 million shares traded), Expolanka Holdings Rs 392 million (1.4 million shares traded), LOLC Holdings Rs 224 million (232,000 shares traded), LOLC Finance Rs 214 million (10.3 million shares traded), JKH Rs 153 million (one million shares traded), Sinhaputhra Finance Rs 151 million (five millions shares traded) and Browns Investments Rs 137 million (11.9 million shares traded). During the day 102 million share volumes changed hands in 31000 transactions.
It is said high net worth and institutional investor participation was noted in JKH, Hemas Holdings and Hayleys. Mixed interest was observed in Expolanka Holdings, Lanka IOC and Royal Ceramics, while retail interest was noted in Browns Investments, Commercial Leasing and Finance and LOLC Finance.
The Diversified Financials sector was the top contributor to the market turnover (due to LOLC Holdings and Commercial Leasing and Finance).
Yesterday, the US dollar was Rs 201.63, which was the Central Bank controlled price. The Central Bank imposed a Rs 203 ceiling for the US dollar in order to prevent inflationary pressure. This year food inflation reached 25 percent, the historic highest rate, financial sources said.
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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