Business
Surge and slump in bourse following decision to float the rupee to 230 against the dollar
By Hiran H.Senewiratne
CSE trading activities surged over 1.50 per cent minutes after the market opened yesterday following the Central Bank’s move to float the rupee to 230 against the US dollar. The stock market started on a positive note but subsequently declined because investors grew anxious over the possibility of CBSL move affecting the cost of production in the manufacturing sector, market analysts said.
On the other hand, certain companies that earned in dollars would likely benefit despite an additional burden on the economy. At present, Sri Lanka is grappling with a foreign reserve shortage. Besides, the increase of Brent crude oil prices rising to US $ 125 per barrel could negatively impact the country’s economy, stock analysts said on surveying current realities.
The CBSL came under severe pressure to free-up the cap on the exchange rate as the black market is thriving with the dollar being traded at between Rs. 240 to Rs. 260. For workers remittances channeled through the banking sector, the dollar fetched Rs. 210 as an incentive. Some economists said that the Central Bank’s move to float the rupee against the US dollar is an indication that the government is planning to implement the IMF recommendations from next month.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 437.46 points to end at 10523.03 and S and P SL20 declined by 120.896 points to end at 3593.39. Turnover stood at Rs 3.4 billion with a single crossing. The crossing took place in Hemas Holdings, which crossed one million shares to the tune of Rs 59.8 million and its shares were traded at Rs 59.50.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 601 million (2.2 million shares traded), Browns Investments Rs 514 million (48.2 million shares traded), LOLC Holdings Rs 251 million (282,000 shares traded), LOLC Finance Rs 191 million (10.6 million shares traded), Royal Ceramic Rs 161 million (three million shares traded), Commercial Leasing and Finance Rs 142 million (3.9 million shares traded) and Melstacorp Rs 99.5 million (two million shares traded). During the day 305 million share volumes changed hands in 38000 transactions.
Media reports about the United States and its allies considering a possible ban on Russian oil imports added more pressure in the global oil market, pushing Brent up to US $ 139.13 and WTI to US $ 130.50, their highest levels since 2008. This resulted in investor sentiment for front-line stocks in the market turning downbeat during yesterday’s session.
It is said high net worth and institutional investor participation was noted in Access Engineering, John Keells Holdings and Renuka Holdings. Separately, United Motors Lanka announced an interim dividend of Rs. 1.50 per share.
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
