Business
Stock Market bubble amid low interest rates and optimism about IMF’s second review
By Hiran H. Senewiratne
The Colombo Stock Exchange (CSE) witnessed a bullish session yesterday due to the low interest rate regime and the government’s optimism on the IMF’s second review. This had triggered a boost in share trading, according to market analysts.
As a result,, the turnover surpassed more than Rs two billion and the number of trades touched 24000 mark. Amid those developments both indices moved upwards. All Share Price Index up by 189.81 points while S and P SL20 up by 62.43 points. Turnover stood at Rs 2.6 billion with two crossings. Those crossings were reported in Central Finance, which crossed 1.2 million shares to the tune of Rs 123.6 million and its share price traded at Rs 103 and JKH 600,000 shares crossed to the tune of Rs 114 million and its share price traded at Rs 190.
In the retail market top seven companies that mainly contributed to the turnover were LMF Rs 216 million (7.8 million shares traded), Associated Motor Finance Rs 152 million (5.8 million shares traded), LOLC Finance Rs 150.7 milli9on (28 million shares traded), HNB Rs 141 million (894,000 shares traded), Browns Investments Rs 136.6 million (26.3 million shares traded), Central Finance Rs 76.1 million (735,000 shares traded) and JKH Rs 69.3 million (370,000 shares traded). During the day 160 million share volumes changed hands in 24000 transactions.
The Diversified Financials sector was the top contributor to the market turnover (due to LOLC Finance and Associated Motor Finance Company) whilst the sector index gained 1.52%. The share price of LOLC Finance increased by 20 cents to Rs. 4.80. The share price of Associated Motor Finance Company gained by Rs. 3 to Rs. 24.50.
The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Lanka Milk Foods and JKH) whilst the sector index increased.
Meanwhile, Sri Lanka rupee opened stronger at Rs 307.65/75 to the US dollar in the spot forex market stronger from Rs 307.80/88 a day earlier, dealers said, while bond yields were slightly up. A bond maturing on 01.08.2026 was quoted at 10.85/11.00 percent. A bond maturing on 15.09.2027 was quoted at 11.90/12.10 percent from 11.90/12.00 percent. A bond maturing on 01.07.2028 was quoted at 12.29/30 percent from 12.20/30 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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