Business
Rupee depreciation negatively impacts stock market
By Hiran H.Senewiratne
Trading activities at the CSE were positive initially yesterday but during the latter part of the day their momentum flagged due to a significant amount of net foreign outflow. The reason being Sri Lanka’s economic uncertainty owing to foreign reserves falling to a dangerous level and the depreciation of the rupee as against the dollar, stock market analysts said.
So far a Rs. 38.81 billion foreign outflow has been reported but higher local investor participation was noted during the last few weeks. The downgrading of the S and P SL20 index was also one of the reasons for reporting a heavy foreign outflow, consequent to economic uncertainty, stock market brokers said.
Vallibel One and tile sector counters noted fresh buying interest yesterday. But most sought after counters, such as the Hayleys and Expolanka, noted some profit takings but it did not continue for a longer period of the day, stock analysts said.
The low interest regime and the rupee depreciation have attracted local investors, especially for import oriented counters. Amid those developments, both indices moved upwards. The All Share Price Index went up by 176.22 points and S and P SL20 rose by 73.02 points. Turnover stood at Rs. 12 billion with four crossings. Those crossings were reported in HNB, which crossed 5.7 million shares to the tune of Rs. 773 million, its shares traded at Rs. 135, Hayleys 314,000 shares crossed for Rs. 38.3 million, its shares traded at Rs. 122, Windforce 1.2 million shares crossed for Rs 21.9 million, its shares fetched Rs. 18.30 and Commercial Bank 250,000 shares crossed for Rs. 21.3 million, its share price being Rs. 85.50.
In the retail market, five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 2.43 billion (13.1 million shares traded), Browns Investments Rs. 2.42 billion (200 million shares traded), Vallibel One Rs. 776.2 million (11.2 million shares traded), Royal Ceramic Rs. 751 million (15.2 million shares traded) and LOLC Rs. 595 million (949,000 shares traded). During the day 462.5 million share volumes changed hands in 60000 share transactions.
It is said that the CSE’s recent stellar performances, despite COVID-19-induced setbacks and challenges to the economy and society, have dumbfounded critics and even surprised the more optimistic within the government. However, analysts opined that resilient private sector performances as evidenced by impressive corporate earnings as well as improved outlooks, the subdued interest rate regime and attractive valuations, were key factors for the sustained upturn in the Colombo bourse.
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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