Business
Sharp decline in Treasury Bill rates stimulates bourse; turnover exceeds Rs. 1 billion
By Hiran H.Senewiratne
The stock market yesterday kicked off on a positive note and its activities significantly picked up in the second half of the day due to a sharp decline in Treasury Bill rates and the rupee’s appreciation against the US dollar, market analysts said.
When the Treasury Bill Rate comes down, the market rate also changes accordingly, analysts said.These positive developments prompted both indices to move upwards. All Share Price Index was up by 73.7 points and S and P SL20 rose by 47.05 points. Turnover stood at Rs 1.14 billion with five crossings.
Those crossings were reported in LB Finance, which crossed 2.9 million shares to the tune tune of Rs 178 million; its shares traded at Rs 61, NTB 1 million shares crossed to the tune of Rs 100.6 million and its shares traded at Rs 101, Vallible One 1 million shares crossed for Rs 38 million; its shares traded at Rs 38, Hela Clothing 5 million shares crossed for Rs 25 million; its shares traded at Rs 5 and Windforce 1.1 million shares crossed to the tune of Rs 23.3 million; its shares fetched Rs 19.40.
In the retail market top seven companies that mainly contributed to the turnover were; NTB Rs 102 million (1.02 million shares traded), Sampath Bank Rs 92.5 million (1.35 million shares traded), JKH Rs 67.4 million (375,000 shares traded), Commercial Bank Rs 49.8 million (572,000 shares traded), Dialog Rs 39.5 million (4.4 million shares traded), LB Finance Rs 38.6 million (634,000 shares traded) and HNB Rs 32 million (206,000 shares traded). During the day 41.2 million share volumes changed hands in 7206 transactions.
It is said high net worth and institutional investor participation was noted in HNB, Sampath Bank and JKH. Mixed interest was observed in Dialog Axiata, Expolanka Holdings and Lanka IOC, while retail interest was noted in Browns Investments, Marawila Resorts and Softlogic Capital.
The Banking sector was the top contributor to the market turnover (due to NTB and Sampath Bank). The share price of Sampath Bank increased. The share price of HNB closed flat at Rs. 155.
The Diversified Financials sector was the second highest contributor to the market turnover, while the sector index increased by 1.09 percent.
The rupee opened at Rs 314.75/315.00 the US dollar, in the spot forex market, dealers said, with the central bank allowing the currency to appreciate amid a balance of payments surplus it has created, with an appropriate monetary policy.
Sri Lanka’s rupee closed stronger at Rs 315.50/70 to the US dollar. Within the first hour of trading the rupee was quoted as strong as Rs 313.30/314.00 to the US dollar, dealers 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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