Business
Statement on Treasury operations negatively affects bourse
By Hiran H.Senewiratne
CSE trading started on a negative note yesterday but during the latter part of the day it ended up with mixed reactions. The negative sentiment stemmed from the government Cabinet spokesperson’s statement to the effect that government Treasury operations are not at the expected level, stock market analysts said.
Sri Lanka’s shares edge up in mid-day trade on speculation of bank interest rates falling. But there is a slight expectation that interest rates will be falling from the first part of this year, which can be viewed as positive for the banks, an analyst said.
Amid those developments both indices indicated mixed reactions. The All- Share Price Index went up by 13.2 points and S and P SL20 declined by 4.5 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in CIC Holdings, which crossed 482,000 shares to the tune of Rs 39 million and its shares traded at Rs 81.
In the retail market top seven companies that mainly contributed to the turnover were, Softlogic Capital Rs 353 million (21.6 million shares traded), Softlogic Life Insurance Rs 146 million (1.3 million shares traded), Capital Alliance Rs 88.5 million (2.9 million shares traded), Lanka IOC Rs 54.9 million (293,000 shares traded), First Capital Rs 50.9 million (1.5 million shares traded), LOLC Finance Rs 45.1 million (six million shares traded) and Expolanka Holdings Rs 35.2 million (206,000 shares traded). During the day 72 million share volumes changed hands in 19000 transactions.
During the day buying interests were noted in Softlogic Life, Softlogic Capital and several other blue chip counters
Foreign investors were net buyers in the equity market, purchasing stocks worth Rs 63.5 million, while domestic investors were net sellers, offloading Rs 1.79 billion worth of shares, the data showed.
Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment and disruptions caused by Russia’s invasion of Ukraine, according to the World Bank’s latest Global Economic Prospects report.
Given fragile economic conditions, any new adverse development—such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the COVID-19 pandemic, or escalating geopolitical tensions could push the global economy into recession. This would mark the first time in more than 80 years that two global recessions have occurred within the same decade, observers said.
The global economy is projected to grow by 1.7 per cent in 2023 and 2.7 percent in 2024. The sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95 per cent for advanced economies and nearly 70 per cent for emerging market and developing economies. With those developments negative investor sentiment has been noted in every stock market, analysts said.
Yesterday, the Central Bank announced the US dollar buying rate as Rs 366.46 and the selling rate as Rs 371.36
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
Rahuman questions sudden cancellation of leave of CEB employees
