News & market updates

Fitch says a completed sovereign debt restructuring and improvement in Sri Lanka's credit profile would support banks' operating environment and credit profiles, citing high exposure to local treasury instruments (33.4% of assets) and easing funding and liquidity pressures.

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.

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.

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.

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.

Colombo market fell for a third day as ASPI lost 77 points to 12,719 on profit taking, with turnover up at Rs.3.2bn and net foreign inflow of Rs.200m (Rs.199.8m into JKH). Banking and capital goods led activity while several counters (COMB, MELS, DFCC, RICH, NDB) weighed on the index.

Colombo market closed in red with the ASPI down 59 points to 12,796 on turnover of Rs.2.38bn. Banking led turnover (60%) as HNB, Sampath, Pan Asia and Commercial Bank were key movers; John Keells and Digital Mobility Solutions declared interim dividends.

Kavinda de Zoysa has been appointed Chairman of Bank of Ceylon; he is a career banker with over 30 years’ experience and was most recently Director and Country Business Head of Citibank Sri Lanka, with a track record in digitization and corporate banking.

Colombo market ended a seven-day winning streak as the ASPI fell 8 points and the S&P SL20 slipped 4 points, with turnover of Rs.1.86 billion. Banking stocks led turnover (34%) while quarterly results boosted PARQ, CONN and JETS, Sampath and Pan Asia were active, and Vidullanka announced an interim dividend of Rs.0.20 per share.

Colombo Stock Exchange opened November with Rs.5.0 billion turnover as ASPI rose 0.7% to 12,864. Diversified financials led turnover (52%) and an off-board crossing saw CDB's 12.7% stake trade at Rs.247.50; several banks and mid/small caps (HNB, PABC, DFCC) saw heavy activity or gains.

Colombo stock market turnover hit an 8-month high of Rs. 7 billion, led by Harischandra Mills (Rs.1bn), NDB (Rs.663m), Hayleys (Rs.534m), DFCC (Rs.340m) and PABC (Rs.339m); off-board trades transferred 13.9% of Harischandra and 10.7% of Swadeshi.

Pan Asia Banking Corporation PLC reported profit after tax of Rs. 2.22 Bn for the nine months to 30 Sep 2024, a 78% increase year-on-year. Net interest income rose to Rs. 8.79 Bn (+18%), loans grew 12%, total assets reached Rs. 251.06 Bn and Stage 3 loan ratio improved to 3.8% with capital ratios above regulatory minima.

Pan Asia Banking Corporation PLC reported a nine-month PAT of Rs. 2.22 billion to 30 Sep 2024, up 78% year-on-year. Pre-tax profit was Rs. 3.22 billion (+52%), EPS Rs. 5.01, NIM 4.84%; loans grew 12%, deposits Rs. 190 billion and Stage 3 ratio improved to 3.80%.

Colombo market rose as ASPI gained 0.9% (111 points) to 12,165, a three-month high, with turnover of Rs.2.77 bn led by banking stocks; S&P SL20 rose 1.3% and top contributors included CTHR, SAMP, HNB, JKH and COMB.

Colombo Stock Exchange closed higher: ASPI rose 0.92% to 12,164 and S&P SL20 gained 1.34% to 3,590, led by banking stocks which accounted for Rs 1.4bn of turnover; top contributors included C T Holdings, Sampath Bank, John Keells and Commercial Bank.

Distilleries Company of Sri Lanka appointed Ashoka Goonesekere as an Independent Non-Executive Director. He brings over 36 years of banking experience and holds or has held board and senior finance/risk roles at Pan Asia Banking (PABC.N0000), PMF Finance (PMB.N0000), Hatton National Bank (HNB.N0000) and DFCC Bank (DFCC.N0000).

ASPI rose 326 points (2.87%) to 11,660, the biggest single-day gain in 14 months, as turnover hit Rs.4 billion and banks and blue-chip counters led a broad-based rally following the presidential election.

Colombo market closed higher as the S&P SL20 rose 0.8% and the ASPI gained 0.5% with turnover of Rs. 1.22bn, led by the banking sector which contributed 45% of turnover and saw its sector index up 1.17%. Top positive contributors included Commercial Bank, Melstacorp, NDB, Browns Investments and John Keells; HNB, COMB, NTB and PABC recorded gains while Sampath slipped.

Pan Asia Banking Corporation (PABC.N0000) has partnered with Sampath Information Technology Solutions to deploy 'Wave', a new loan origination/credit approval system to modernise loan processing with flexible workflows and analytics. Wave allows authorised users to adjust approval processes without backend changes and will add AI upgrades in future.

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 market fell for the week as the ASPI lost 1.2% and the S&P SL20 lost 1.4% amid election concerns; notable declines included PABC (-11.4%), HAYL (-3.8%), JKH (-2.6%), CCS (-2.5%) and NDB (-2.2%).

Colombo bourse closed mixed: ASPI fell about 12 points to 11,482 while the S&P SL20 gained 2.6 points on turnover of Rs. 547 million, led by Sampath Bank (Rs.112m); banking stocks dominated turnover (32%) while front-line counters showed mixed performance.

Colombo Stock Exchange closed with the All Share Index down 0.11% at 11,482 and the S&P SL20 up 0.08% at 3,302, on turnover of 547 million and net foreign inflow of 580,955. Top movers included Sampath Bank, NDB and Aitken Spence (higher), Chevron Lubricants and Teejay (foreign buying) and Melstacorp (down).