Business
Rupee’s steady appreciation against US $ sends bourse on bullish run
By Hiran H.Senewiratne
CSE trading activities were bullish throughout yesterday on account of positive macroeconomic developments, especially the rupee appreciation against the dollar in the last three days and a decline in government securities, stock market analysts said.
The CSE gained in mid- day trade purely on speculation that government-IMF talks were coming to a successful conclusion amid likely rate cuts emanating from yesterday’s CBSL Monetary Policy Review, an analyst said. “The market was moving on a positive sentiment based on the IMF talks and it was also seen that the currency appreciated, he said. Sri Lanka’s rupee at Rs 338/339 to the US dollar yesterday was up from Rs 243/348 a day earlier in the spot market as the rupee continued to move up after a surrender rule was relaxed making more dollars available to the market.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 111.1 points and S and P SL20 rose by 14 points. Turnover stood at Rs 2.85 billion with three crossings. Those crossings were reported in Sampath Bank, where 21.5 million shares crossed to the tune of Rs 1.17 billion; its shares traded at Rs 56, JKH 300,000 shares crossed to the tune of Rs 41.7 million and its shares traded at Rs 139, Lanka IOC 100,000 shares crossed for Rs 20 million, its shares fetched Rs 200.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Holdings Rs 211 million (1.2 million shares traded), Sampath Bank Rs 153 million (2.7 million shares traded), Distilleries Rs 96.2 million (4.9 million shares traded), Hemas Rs 61.7 million (946,000 shares traded), JKH Rs 52.7 million (379,000 shares traded), Capital Alliance Rs 52.2 million (1.5 million shares traded) and Vallibel One Rs 43.6 million (1.19 million shares traded). During the day 93.6 million share volumes changed hands in 22000 transactions.
Top gainers were Commercial Bank, Sampath Bank and DFCC Bank.
Banks and retail indexes were an attractive index for investors solely based on positive speculation on the IMF talks.Bond yields were steady at close on the previous day, a day before the monetary policy, dealers said, while the interbank guidance peg by the Central Bank appreciated.
A bond maturing on 01.02.2025 closed at 31.80/32.00 per cent on Thursday, down from 32.00/15 per cent on Tuesday. A bond maturing on 15.05.2026 closed at 28.60/29.00 per cent. A bond maturing on 15.09.2027 closed at 28.00/25, down from yesterday’s close at 28.80/90 percent.
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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