Business
US Federal Reserve interest rate hike speculation hits stock market
By Hiran H.Senewiratne
The ripple and negative effects on the CSE from ongoing tensions between the US and Russia over the Ukraine issue and the speculation in the international media that the US Federal Reserve is to adjust interest rates, negatively impacted the global stock market yesterday, stock market analysts said.
The stock market dipped sharply on the previous day led by big cap counters due to investor concerns on macroeconomic issues but was able to maintain a healthy turnover level. Therefore, with the negative trend continuing in the market, apart from macro issues, the month- end profit- takings put the market into red territory, analysts said.
Amid those developments both indices moved downwards. The All Share Price Index went down by 144.4 points and S and P SL20 declined by 48 points. Turnover stood at Rs 5.3 billion with a single crossing. The crossing was reported in Expolanka, which crossed 100,000 shares to the tune of Rs 37.6 million; its share price was Rs 376.
In the retail market top seven companies that mainly contributed to the turnover were, Expolanka Rs 1.01 billion (2.7 million shares traded), Softlogic Life Insurance Rs 556 million (3.9 million shares traded), Browns Investments Rs 376 million (22.9 million shares traded), Access Engineering Rs 308 million (nine million shares traded), Royal Ceramic Rs 227 million (2.9 million shares traded), LOLC Rs 222 million (174,000 shares traded) and LOLC Finance Rs 168 million (6.3 million shares traded). During the day 160.3 million share volumes changed hands in 41347 transactions.
During the day without any apparent reason Softlogic Life Insurance share prices appreciated by 11.5 per cent or Rs 11.75. Its share price shot up to Rs 145.25 from Rs 130.50. Hela Clothing shares have been oversubscribed 5.2 times.
It said high net worth and institutional investor participation was noted in Hemas Holdings, Vallibel One and Ceylon Cold Stores. Mixed interest was observed in Expolanka Holdings, Softlogic Life Insurance and Kelani Valley Plantations, while retail interest was noted in Industrial Asphalts, Browns Investments and Softlogic Capital.
The Capital Goods sector was the second highest contributor to the market turnover. Expolanka Holdings and Softlogic Life Insurance were also included among the top turnover contributors. The share price of Expolanka Holdings decreased by Rs. 13.50 (3.41 per cent) to close at Rs. 382.25.
Yesterday, the US dollar was quoted at Rs 201.58, which was the Central Bank controlled price. The actual price would be more than Rs 250.
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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