News & market updates

The Colombo market ended the post-election week with ASPI down 1.1% for the week (S&P SL20 down 2.7%) but closed yesterday up 0.56% on below-average turnover of Rs.1.9bn. Banking stocks led turnover (Seylan, Pan Asia, Sampath, HNB) while BREW, COMB, CINS, SEYB and DIPD were top positive contributors and JKH dipped.

Colombo market fell with the ASPI down 1% and S&P SL20 down 1.5% on Rs.7.04bn turnover and a net foreign outflow of Rs.211.6m. Banks led turnover (65%) with DFCC and CDB among gainers while JKH, Commercial Bank, Sampath and Browns were top negative contributors.

Colombo Stock Exchange rose as the ASPI gained 0.56% (72.17 pts) to 13,054, led by bank activity which accounted for Rs736mn of turnover. Investors cited profit-taking after bank gains linked to ISB debt-restructure reports and Fitch noted banks' profiles would improve after a successful sovereign restructure.

Sri Lanka hosted the 52nd Annual Session of the International Pepper Community alongside the International Spice Exhibition, highlighting the country's role in the global spice export sector. The event was held at The Kingsbury Colombo and sponsored by Commercial Bank of Ceylon and DFCC Bank.

Commercial Bank of Ceylon signed an MoU with AgStar PLC to enable farmers using the Bank’s Diribala Green Development Loan Scheme to buy smart agriculture equipment with AgStar offering a 5% discount plus free advisory and installation. The partnership also includes training, after-sales support and maintenance.

Colombo Stock Exchange closed down: ASPI fell 1.00% to 12,982 and S&P SL20 fell 1.49% to 3,860, with turnover Rs7bn led by banks and a net foreign outflow of Rs211mn. Top negative contributors included John Keells, Commercial Bank, Sampath and Browns, while DFCC and CDB were top turnover generators.

The Colombo stock market edged up as the ASPI rose 8 points (0.06%) and the S&P SL20 gained 5 points (0.13%) on turnover of Rs.2.7 billion. John Keells, Commercial Bank, Lion Brewery, R.I.L. Property and food & beverage counters were among top contributors while foreign investors were net sellers of Rs.366 million.

CA Sri Lanka hosted the SAFA Best Presented Annual Report Awards 2023 in Colombo, where Sri Lankan firms won 24 awards. Several listed companies — including Commercial Bank, Hayleys, Haycarb, Royal Ceramics, Access Engineering, Kelani Valley, Talawakelle, DIMO, Sri Lanka Telecom, Ceylon Tea Brokers, NDB and L B Finance — received awards or merit recognitions.

Colombo Stock Exchange closed up: ASPI +0.06% to 13,113 and S&P SL20 +0.13% to 3,919 on turnover Rs2.7bn. Top contributors included John Keells, Commercial Bank, Lion Brewery and Access Engineering; banking stocks were mixed and there was a net foreign outflow of Rs366mn.

Colombo market slipped on profit-taking: ASPI fell 0.95% (126 pts) and S&P SL20 fell 1.6% on turnover of Rs.6bn. John Keells, Hatton National and Sampath were major decliners while SERV and MARA saw investor interest; foreigners were net sellers of Rs.772.5m.

Colombo Stock Exchange fell as the ASPI closed down 0.95% (125.63 pts) at 13,105 and the S&P SL20 down 1.66% to 3,914 amid profit-taking; turnover was Rs6 billion led by capital goods. Top negative contributors included KHL.N0000, HNB.N0000, SAMP.N0000, COMB.N0000 and NDB.N0000.

A seminar on 27 Nov will outline Central Bank-issued corporate governance directives for licensed banks, which take effect 1 Jan 2025 and include requirements such as a minimum of 12 board meetings per year and vacancy for directors missing more than three meetings.

Commercial Bank of Ceylon awarded Rs 3 million in cash prizes to 137 children at the fifth 'Arunalu Siththam' art competition. The contest received over 12,000 entries and winners were honoured at a ceremony attended by the bank's MD/CEO at the Kingsbury Hotel.

Colombo market showed a muted response to the NPP landslide, with the ASPI up 0.2% and the S&P SL20 up 0.08% on turnover of Rs.5.5bn; the banking sector led turnover while foreign investors were net sellers of Rs.761.2m.

Commercial Bank of Ceylon (COMB.N0000) renewed its bancassurance partnership with Allianz Insurance Lanka, signing an updated MOU for 2024-2025 to continue eight years of collaboration and expand digital insurance distribution.

Commercial Bank of Ceylon launched a year-end card promotion offering up to 50% discounts at over 4,000 merchant outlets until 31 December 2024. The promotion spans retail, hotels and online partners and highlights the bank's growing cardholder base and digital/NFC capabilities.

Colombo Stock Exchange rose, with the ASPI up 0.24% to 13,231 on Nov 18 and turnover of Rs5.5bn led by banks (Rs1.8bn) and capital goods (Rs1.1bn). Distilleries Company announced a first interim dividend of Rs1 and its share closed at Rs32.90.

Commercial Bank of Ceylon (COMB.N0000) renewed its eight-year bancassurance partnership with Allianz Insurance Lanka by signing an updated MOU for 2024–2025, focusing on new insurance products and expanded digital channels to improve customer access and experience.

DFCC Bank reported Group Profit After Tax of Rs. 7,128 million for the nine months to 30 Sep 2024; Group Net Operating Income rose 22% to Rs. 24 billion and impairment charges fell 69% to Rs. 3,577 million. The bank’s loan book grew 10% to Rs. 383 billion and it issued Sri Lanka’s first listed and rated Green Bond.

Colombo stock market ended the shortened General Election week higher, with ASPI up 3.1% and the S&P SL20 up 3.8% and average weekly turnover of Rs.4.37 billion. Banking counters (Sampath, Commercial Bank, DFCC, Nations Trust, Pan Asia) led gains and turnover, while Browns Investments and several hotels and finance stocks saw notable investor interest.

Colombo Stock Exchange closed higher on Nov 14: ASPI +0.56% to 13,198 and S&P SL20 +1.23% to 3,986, with turnover Rs3.7bn. Most activity was in banking stocks (Rs1.6bn); top contributors were Sampath Bank, Commercial Bank, DFCC Bank, Nations Trust Bank and Browns Investments.

Commercial Bank of Ceylon Group reported a nine‑month net profit of Rs.31.54 billion (up 113.61%), with net interest income rising 46.15% to Rs.88.98 billion and loans up Rs.121.06 billion. CASA improved to 39.60%, impaired loans ratio fell to 4.08% and capital ratios remain above statutory minima.

Commercial Bank of Ceylon (COMB.N0000) posted Q3 (Sep-2024) net profit of Rs 12.5bn, up 100% y/y, and nine-month profit of Rs 31.07bn (quarter EPS Rs 9.11; nine-month EPS Rs 22.63). Loan growth, lower provisions and wider net interest income drove results despite lower interest income.

Colombo market extended its pre-election rally as the ASPI gained 136 pts to 13,125 and the S&P SL20 neared 4,000 on turnover of Rs.7bn. Banking stocks led the advance (Sampath, DFCC, NDB, NTB, JKH, LOLC, MELS, CTHR among contributors) and several firms (ASIY, GRAN, TAFL, GLAS) announced interim dividends.

Commercial Bank of Ceylon PLC posted a nine-month net profit of Rs 31.54 billion to 30 Sept 2024, up 113.61% YoY, with net interest income rising 46.15% to Rs 88.98 billion and gross loans increasing by Rs 121.06 billion.

Daraz launched its 11.11 sale running until Nov 17 with up to 90% discounts, vouchers worth over LKR 150 million, free delivery and partner bank discounts (including Commercial Bank, DFCC, HNB, Pan Asia, LOLC Finance, NDB) and featured brands such as DIMO.

Government will compile a comprehensive report on SME loans to design relief and is evaluating extending a temporary suspension of debt recovery under the Parate law due to expire on Dec 15. Representatives from Commercial Bank, Hatton National Bank, Union Bank and Sampath Bank attended the meeting.

ASPI rose 0.6% to 12,875 (a multi-week high) as banking and blue-chip stocks led gains; turnover was Rs.2.4bn and foreign investors were net sellers of Rs.23.3m.

Banks, regulators and SMEs met at the Presidential Secretariat to discuss SME loan repayment difficulties and parate execution; the parate execution law has been suspended until Dec 15. The Central Bank and commercial banks will evaluate temporary suspension of debt recovery and compile a report to design relief.

Colombo Stock Exchange closed higher as the ASPI rose 0.58% to 12,875 and the S&P SL20 gained 0.91% to 3,866, with banking stocks contributing over LKR 1bn of turnover. Vidullanka announced a scrip dividend listing and Ceylon Tobacco declared a third interim dividend of 40.9 per share.