Business
Rupee appreciation against US dollar generates positive sentiment in share market
By Hiran H. Senewiratne
With the improvement in macroeconomic indicators, the CSE witnessed some positive sentiment throughout yesterday. The rupee appreciated against the US dollar and the possibility that inflation will come down to single digits by year-end should compel interest rates to come down as well with some positive sentiment being seen in the CSE, market analysts said.
Sri Lanka’s shares gained in mid-day trade on positive sentiments on speculation of a potential conclusion of the IMF deal of US $ 2.9 billion, analysts said. “The market also anticipates rate cuts to be announced at the CBSL Monetary Policy review today, an analyst added.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 111.2 points and S and P SL20 rose by 30.8 points. Turnover stood at Rs 1.5 billion with two crossings. Those crossings were reported in Sampath Bank, where 3 million shares crossed to the tune of Rs 150 million; its shares traded at Rs 53 and NDB 500,000 shares crossed to the tune of Rs 21 million, its shares fetched Rs 42.
In the retail market top seven companies that mainly contributed to the turnover were Commercial Bank, Rs 148 million (2.2 million shares traded), Sampath Bank Rs 131 million (2.4 million shares traded), Melstacorp Rs 69.2 million (1.2 million shares traded), Central Finance Rs 54.6 million (765,000 shares traded), Expolanka Holdings Rs 47.2 million (168,000 shares traded), HNB Rs 41.4 million (376,000 shares traded), HNB Rs 41.4 million (376,000 shares traded) and Softlogic Capital Rs 40.9 million (3.5 million shares traded).During the day 78.4 million share volumes changed hands in 16000 transactions.
It is said high net worth and institutional investor participation was noted in Lanka IOC, Chevron Lubricants and Bukit Darah. Mixed interest was observed in Hatton National Bank, Sampath Bank and JKH, while retail interest was noted in Softlogic Capital, Amana Bank and Access Engineering.
The energy sector was the top contributor to the market turnover (due to Lanka IOC), while the sector index gained 0.62 per cent. The share price of Lanka IOC increased by one rupee to Rs. 199.
The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Bukit Darah) while the sector index increased by 0.40 per cent. The share price of Bukit Darah gained Rs. 12.50 (3.15 per cent) to Rs. 409.75.
The rupee was offered at Rs 346 at open in the spot market yesterday with no buyers, dealers said, up from the previous close of Rs 353.46/353.50 to the US dollar.
The Central Bank announced a guidance peg of Rs 353.46 to the US dollar Thursday, with a Rs 7.50 variance on either side. The rupee had been under upward pressure after the Central Bank stopped printing money.
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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