News & market updates

Colombo Stock Exchange fell, with the All Share Index down 0.36% to 10,869 and the S&P SL20 down 0.38% to 3,058. Turnover was 759 million; top turnover/price moves included Renuka Agri Foods and Sampath Bank (up), HNB, John Keells and Commercial Bank (down), with a net foreign inflow of 0.37 million.

Colombo Stock Exchange closed lower: All Share Index fell 0.35% to 10,907 and S&P SL20 fell 0.83% to 3,070, with turnover around LKR 1 billion and a net foreign outflow of 25.6 million; top turnover stocks included Sampath, Hayleys, Teejay, Nations Trust and Commercial Bank.

Port City Colombo has onboarded 100+ companies as Authorised Persons (APs) as of 24 Aug 2024, with 22 designated Businesses of Strategic Importance. Several local banks including Sampath, Commercial Bank, HNB, NDB, Nations Trust and DFCC have applied to establish offshore banking branches in the SEZ under new offshore banking regulations.

Port City Colombo onboarded 100+ companies as Authorised Persons by Aug 24, 2024; banks including COMB.N0000, SAMP.N0000, HNB.N0000, NDB.N0000, NTB.N0000 and DFCC.N0000 have applied to open offshore banking branches under the July 26, 2024 offshore banking regulations.

Colombo market slid as the S&P SL20 fell 1.26% and the ASPI dropped 0.95% on turnover of Rs.513.6m, led by losses in banks and blue chips including John Keells, Melstacorp, Central Finance, Commercial Bank and Ceylon Cold Stores.

Colombo Stock Exchange closed down: ASPI fell 0.95% to 11,093 and S&P SL20 fell 1.26% to 3,148, with turnover at 513 million and net foreign inflow of 41.9 million. Top turnover generators included John Keells, Ceylon Cold Stores, Commercial Bank and Nations Trust; SMB Finance and Browns Investments were among gainers while several banks, Ceylon Cold Stores, L B Finance and Sigiriya were down.

The Sri Lanka–Korea Business Council panel featured Advocata chair Murtaza Jafferjee warning that rising debt, high interest rates and sharp rupee depreciation threaten fiscal stability and require reforms; IMF projects about 3% annual GDP growth for 2024–29 contingent on disciplined policy.

Nine Sri Lanka banks, including Commercial Bank, HNB, NDB, NTB and DFCC, have applied to open branches in the Colombo Port City special economic zone to serve offshore customers; Bank of China has also expressed interest. The banks will be regulated by Sri Lanka's central bank and the Port City is a dollarized SEZ exempt from central bank liquidity tools.

Commercial Bank of Ceylon's home loans portfolio grew to Rs. 72.965 billion as at 31 March 2024, making it the market leader in Sri Lanka's home loans market. The bank highlighted product suites including first-time buyer, green and flexible home loan schemes.

Commercial Bank of Ceylon's home loans portfolio reached Rs. 72.965 billion as at 31 March 2024, making it the market leader in Sri Lanka's home loans. The bank — the first private sector leader in this segment — highlighted product offerings including first-time buyer schemes, Green Home Loans (including residential solar) and flexible repayment options.

Nations Trust Bank PLC is running a card promotion from 1 Aug–30 Sep 2024 offering Cardmembers entries to win a trip to the Prague Christmas Market for every cumulative LKR 50,000 spent. The prize trip for the winner and a companion is provided in partnership with Classic Travel.

Nations Trust Bank PLC hosted a WNPS Monthly Lecture on 'Co-existing with Wild Elephants: A Comparison Between Botswana & Sri Lanka' as part of its CSR biodiversity conservation and public-awareness initiatives.

Union Assurance held its Partnership Distribution Annual Awards 2023, recognising top bancassurance and corporate-channel performers; winners included Shobitha Nakuleswara (Bancassurance Champion of Champions — Commercial Bank channel) and Harsha Wijesinghe (Best Insurance Relationship Officer — Nations Trust Bank).

Nations Trust Bank PLC reported 1H2024 Profit After Tax of LKR 8 Bn, up 31% YoY. Operating income was LKR 24 Bn (+8% YoY); ROE 24.7%, EPS LKR 24.60, Total Capital Adequacy Ratio 17.83% and Liquidity Coverage Ratio 298%.

Nations Trust Bank PLC reported a Profit After Tax of Rs. 8 billion for 1H2024, up 31% YoY. Operating income was Rs. 24 billion (up 8% YoY); Tier I capital 16.62%, Total CAR 17.83%, LCR 298%, ROE 24.7% and EPS rose to Rs. 24.60 (from Rs. 18.76).

Colombo Stock Exchange closed up (All Share Index +0.08% to 11,312; S&P SL20 +0.28% to 3,233) while turnover remained low at 337 million rupees. Net foreign outflow was 5.7 million, Dialog reported weaker quarterly results, and several banks and listed stocks saw modest foreign buying/selling.

The ASPI rose 42 points (0.4%) to 11,294 as the Colombo market closed marginally higher on turnover of Rs. 582 million. Gains in John Keells, Richard Pieris, HNB, BIL and others supported the rise, turnover was led by JKH and capital goods, banking and F&B sectors, while foreigners net sold Rs. 20.6m.

Colombo Stock Exchange closed higher: ASPI up 0.37% to 11,293 and S&P SL20 up 0.39% to 3,226, with turnover Rs582mn and John Keells (JKH) accounting for Rs160mn. Several banks closed mostly in green; Hayleys Fabric and CIC reported interim profit growth and lower finance costs due to lower interest rates.

ASPI closed at 11,252, down 1.67% (191 points) and the S&P SL20 fell 2.3% as turnover hit Rs. 863.8m. Banking stocks and conglomerates led losses, with COMB under selling pressure ahead of rights renunciation and declines noted in HNB, SAMP, MELS and SUN.

Colombo Stock Exchange fell: All Share Index down 1.67% to 11,251 and S&P SL20 down 2.30% to 3,214, with turnover Rs.863 million and net foreign inflow Rs.8.9 million. Market participants cited election speculation hurting sentiment despite positive IMF and fiscal signals; foreign buying was seen on ACL and Chevron Lubricants, while Nations Trust and LOLC saw foreign selling.