Business
WB report on poverty seen as dampening bourse
By Hiran H. Senewiratne
CSE trading was sluggish throughout yesterday and the lowest turnover level for the year was recorded. Both indices moved downwards, market analysts said.
Investors are still adopting a- wait- and -see approach due to certain reports by the World Bank revealing that Sri Lanka’s poverty level would increase by 25 per cent this year.
Further, corporate results released by 25 companies up to now show performances that are below expectations. Besides investors are seeking further clarity on debt restructuring and optimization, analysts said.
Amid those developments both indices moved downwards. The All- Share Price Index went down by 13 points and S and P SL20 declined by 16.8 points. Turnover stood at Rs 415 million without any crossings.
In the retail market top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 170 million (1.1 million shares traded), Browns Investments Rs 21.5 million (3.96 million shares traded), Dialog Axiata Rs 13.2 million (1.2 million shares traded), Sampath Bank Rs 11.5 million (224,000 shares traded), HNB Rs 10.3 million (88,000 shares traded), Royal Ceramic Rs 10 million (371,000 shares traded) and Hayleys Rs 8.1 million (120,000 shares traded).
It is said high net worth and institutional investor participation was noted in Expolanka Holdings and Sampath Bank. Mixed interest was observed in HNB and National Development Bank, while retail interest was noted in Browns Investments, Tokyo Cement Company and Aitken Spence Hotel Holdings.
The banking sector was the top contributor to the market turnover (due to Sampath Bank, National Development Bank and Hatton National Bank), while the sector index gained 0.36%. The share price of Sampath Bank gained 70 cents to reach Rs. 51.40. The share price of National Development Bank moved up by 10 cents to reach Rs. 43.20. The share price of Hatton National Bank recorded a loss of Rs. 2.75 to dip to Rs. 115.
The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings) while the sector index increased by 1.76 per cent. The share price of Expolanka Holdings increased by Rs. 2.75 to Rs. 158.75.
Yesterday, bond yields were slightly up during mid-day trade as results of a bill auction were awaited, while the rupee was trading at 317.30/50 against the US dollar in the spot market, dealers said.
A bond maturing on 01.09.2027 was quoted at 28.40/60 per cent, slightly up from 28.30/50 per cent at yesterday’s close.
A bond maturing on 15.05.2026 was quoted at 30.00/50 per cent on Wednesday, steady from 30.00/25 per cent at last close.
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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