Business
Statements by President seen as pepping-up share market
By Hiran H. Senewiratne
CSE trading started on a negative note but shares edged- up in mid- day trade yesterday, after positive responses from President Ranil Wickremesignhe in parliament.
President Wickremesinghe said that the government is negotiating debt restructuring with all creditors. The only other way is to get support from the International Monetary Fund, based on negotiations.
“We have now reached the final stage of negotiations with the International Monetary Fund. We were able to reach a basic agreement last September and now there is the debt sustainability program, Wickremesinghe said in Parliament.
Apart from that, investor sentiment improved to a greater extent yesterday due to the Paris Club announcing its stance on the debt restructuring plan. The Chinese government’s credit assurance is awaited, stock market analysts said.
The All- Share Price Index went up by 11.59 points and S and P SL20 declined by 1.73 points. Turnover stood at Rs 1.19 billion with a single crossing. The crossing was reported in TJ Lanka, which crossed one million shares to the tune of Rs 36.5 million, its shares traded at Rs 36.50.
In the retail market top seven companies that mainly contributed to the turnover were, JKH, Rs 189 million (1.3 million shares traded), Tokyo Cement (Non- Voting) Rs 97.5 million (2.9 million shares traded), Softlogic Life Insurance Rs 72.4 million (596,000 shares traded), Expolanka Holdings Rs 71.9 million (382,000 shares traded), Lanka IOC Rs 63.9 million (326,000 shares traded), Aitken Spence Rs 63.3 million (422,000 shares traded) and Browns Investments Rs 52 million (8.84 million shares traded). During the day 43.2 million share volumes changed hands in 13000 transactions.
‘Any domestic debt restructuring will be part of a negotiation process with creditors, which will take place after a program with the International Monetary Fund is in place, Central Bank Governor Dr. Nandalal Weerasinghe said.
‘Sri Lanka is expecting to conclude debt restructuring in about six months, Governor Weerasinghe said.
The market has been seeing considerable foreign interest for JKH following an announcement on Cinnamon Life opening in 2025.The market generated a revenue of RS 586 million within the first hour of trade.
It is said that high net worth and institutional investor participation was noted in Lanka Tiles, JKH and Hatton National Bank. Mixed interest was observed in Expolanka Holdings, Aitken Spence and Softlogic Life Insurance, while retail interest was noted in Softlogic Capital, Browns Investments and Ex-Pack Corrugated Cartons.
The Capital Goods sector was the top contributor to the market turnover (due to JKH and Aitken Spence) while the sector index lost 0.54 per cent. The share price of JKH closed flat at Rs. 145.50. The share price of Aitken Spence closed flat at Rs. 150.
The Materials sector was the second highest contributor to the market turnover, while the sector index decreased by 0.31 per cent. Expolanka Holdings, Softlogic Capital and Browns Investments were also among the top turnover contributors.
Yesterday, the Central Bank- announced US dollar buying rate was Rs 359.47 and selling rate Rs 370.35.
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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