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Friday September 30th, 2022

Sri Lanka bourse edges down in lower turnover, foreign inflows amid debt restructuring talks

ECONOMYNEXT – Sri Lanka stocks edged down on Friday (23) pushed down mainly by export-related and banking shares amid talks between the country’s authorities and its creditors over debt restructuring, dealers said.

The main All Share Price Index (ASPI) fell 0.36% or 36.39 points to close at 9,964.80. It gained passing 10,005 points during mid-day trade but continued a downward trend during latter part of the trade.

“Investors are waiting for some new market driving news,” an analyst said.

Investors had been on the sideline ahead of a virtual meeting later on Friday between the Sri Lankan officials handling the economic policies and its external creditors which was to present an update on current economic conditions and discussions with the International Monetary Fund.

Details of the discussion are yet to be revealed.

The market saw a turnover of 3.02 billion rupees, slightly lower than the year’s average turnover of 3.25 billion rupees.

The bourse saw a net foreign inflow of 16.8 million rupees on Friday, its lowest in two weeks. The inflow so far this year is 11.3 billion rupees after 12.6 billion rupees of net offshore buying in the last 29 consecutive sessions amid positive sentiment over an IMF deal.

The more liquid S&P SL20 index ended 0.87% or 28.21 points down at 3,203.01.
The main index ASPI has gained 10.3 percent in September so far after gaining 17.3 percent in August.
The index has lost 18.2 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.
LOLC dragged the index down, closing 3.1 percent lower at 518 rupees a share.
Expolanka closed 1.5 percent down at 221 rupees and Brown Investments fell 2.5 percent to 7.7 rupees a share. (Colombo/Sept23/2022)

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