Business
Speculation on interest rate decline triggers buying interest in primary dealer shares
By Hiran H.Senewiratne
Buying interest was noted in primary dealer shares yesterday due to speculation on an interest rate decline. This trend prevailed among banking, plantations and hotel sector counters throughout the day, market analysts said.
Amid those developments both indices moved upwards after experiencing a steep decline. The main All- Share Price Index was up by47.2 points, while the most liquid S&P SL20 was down by 32.5 points.
The market generated a turnover of Rs 729 million with two crossings. Those crossings were reported in Singer -Sri Lanka, which crossed 1.6 million shares to the tune of Rs 57.8 million, its shares traded at Rs 35 and Wind Force 1.9 million shares crossed for Rs 31.3 million, its shares traded at Rs 16.50.
In the retail market top seven companies that mainly contributed to the turnover were; HNB Rs 121 million (1.01 million shares traded), Aiken Spence Hotel Rs 60.4 (one million shares traded), Lanka IOC Rs 60.1million (458,000 shares traded), Expolanka Holdings Rs 38.7 million (285,000 shares traded), Watawala Plantations Rs 30.3 million (379,000 shares traded) Elpitiya Plantations Rs 18.5 million (186,000 shares traded), and Dipped Products Rs 14.7 million (559,000 shares traded). During the day 31.5 million share volumes changed hands in 10000 transactions.
“There is selling pressures on the construction index as bans are to come off, expecting lower turnover on revenue, an analyst said. Sri Lanka has expressed its intention to present a plan by June to lift import restrictions, while the government has promised the EU that it will gradually relax the restrictions.
IMF Mission Chief Masahiro Nozaki said Sri Lankan authorities will develop a plan for the phased removal of import restrictions and exchange restrictions related to the balance of payments (BOP), and that is due by June 2023. In March, the IMF too revealed that Sri Lanka was expected to phase out the import and exchange restrictions currently in place.
Sri Lanka’s rupee opened at Rs 305.20/50 against the US dollar in the spot market yesterday, dealers said, while bonds yields were unchanged.
A bond maturing on 01.09.2027 opened at 26.40/60 per cent, unchanged from 26.40/60 per cent, at Monday’s close. The rupee closed at Rs 305.40/60 against the US dollar in the spot market on Monday.
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.”
US sports envoys to Lanka to champion youth development
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