Sri Lanka Stocks Close Up 1 Pct, Investor Interest in Banks

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ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, CSE data showed.

The All Share Price Index was up 1.19 percent, or 126.36 points, at 10,720.

The S&P SL20 index was up 1.23 percent, or 37.09 points, at 3,047.

Turnover was at 962 million. The banks sector contributed 354 million, the food, beverage and tobacco sector contributed 155 million, transportation sector 113 million and diversified financials 105 million of this.

Market participants said renewed investor interest was sustained in the market after Wednesday’s (29) news that Sri Lanka and the official creditor committee agreed on a debt restructuring deal.

Sri Lanka also signed several loan agreements with international agencies for development work this week.

These, and several other positive developments, saw interest coming into the banks sector.

“The good news is that our NPLs have now kind of slowed down,” Bingumal Thewarathanthri, who is chairman of Sri Lanka Banks’ Association, told the Sri Lanka Economic Summit 2023 in Colombo.

Banks led the charge with top five positive contributors to the ASPI being Commercial Bank of Ceylon Plc, (up at 89.90), DFCC Bank Plc (up at 83.50), Hatton National Bank Plc (up at 170.00), Sampath Bank Plc (up at 69.80), and Nations Trust Bank (up at 107.25). (Colombo/Dec1/2023).

Source: Economy Next