Sri Lanka shares edge down on banks; policy rates awaited


ECONOMYNEXT – Sri Lanka stocks closed 0.21 percent weaker on Friday (30), with banking sector dragging the market down as investors awaited for policy rate decision next week, dealers said.

The main All Share Price Index (ASPI) fell 20.41 points to close at 9,931.07.

Investors have also been waiting for some cues over Sri Lanka’s direction regarding the local debt restructuring even though discussions are in the process with external creditors last week.

The market saw a turnover of 2.5 billion rupees, lower than this year’s average turnover of 3.2 billion

The bourse saw a net foreign inflow of 69 million rupees on Friday. The inflow so far this year is 15.2
billion rupees after 16.6 billion rupees of net offshore buying in the last 34 consecutive sessions amid
positive sentiment over an IMF deal.

By the end of September, the market saw its highest monthly net foreign inflows into stock market in
more than 10 years as some foreigners converted their dividend payment into risky assets because they
could not get dollars to repatriate due to forex crisis.

The island nation’s 4.3 trillion worth stock market saw 14.7 billion rupees ($40.8 million) net foreign
inflow in September, its highest since March 2012.

The more liquid S & P SL20 index ended 0.11% or 3.57 points down at 3,165.33.

The index has lost 18.6 percent so far this year after being one of the world’s best stock markets with an
80 percent return last year when large volumes of money were printed.

Sampath bank dragged down the index, closing 2.6 percent lower at 41.5 rupees a share.

Richard Pieris closed 1.9 percent down at 30.6 rupees and Royal Ceramics Lanka ended 2.1 percent
weaker at 41.5 rupees a share. (Colombo/Sept30/2022)

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