Sri Lanka stocks gain on financials; Sampath Bank leads 

ECONOMYNEXT – Sri Lanka stocks edged up on Wednesday (28), with the index pushed up by banking and financial shares, led by Sampath Bank, while turnover and foreign inflows remained low, dealers said.

The main All Share Price Index (ASPI) gained 0.99% or 97.25 points to close at 9,958.87.

“Market was pushed up by the banking and non-banking financials that has been active in the last couple of sessions,” a market analyst said.

Sri Lanka officials had a meeting with its external creditors on Friday (23) and they said a $2.9 billion IMF deal could come through in January 2023. However, the officials are yet to decide on domestic debts.

The market saw a turnover of 3.1 billion rupees, less than this year’s average turnover of 3.27 billion rupees.

The bourse saw a net foreign inflow of 21 million rupees on Wednesday. The inflow so far this year is 15.1 billion rupees after 16.5 billion rupees of net offshore buying in the last 31 consecutive sessions amid positive sentiment over an IMF deal.

The more liquid S&P SL20 index ended 0.63% or 19.97 points up at 3,184.48.

The main index ASPI has gained 9.7 percent in September so far after gaining 17.3 percent in August.

The index has lost 18.5 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 pushed up the index, closing 6.5 percent higher at 44.1 rupees a share.

Royal Ceramics closed 3.6 percent up at 42.7 rupees and Vallibel One ended 6.5 percent firmer at 49.3 rupees a share. (Colombo/Sept28/2022)

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