ECONOMYNEXT – Shares in Sri Lanka edged lower on Friday (23), driven mainly by export-related stocks and banks, amid talks between the country’s authorities and its creditors over debt restructuring, officials said. dealers.
The main All Share Price Index (ASPI) fell 0.36% or 36.39 points to close at 9,964.80. It gained over 10,005 points during the midday trade, but continued its downward trend during the latter part of the trade.
“Investors are waiting for further market news,” said one analyst.
Investors had been on the sidelines ahead of a virtual meeting later Friday between Sri Lankan economic policy officials and its external creditors that was expected to provide an update on current economic conditions and talks with the International Monetary Fund.
Details of the talk have yet to be revealed.
The market recorded a turnover of 3.02 billion rupees, slightly lower than the average turnover for the year of 3.25 billion rupees.
The stock market recorded a net inflow of 16.8 million foreign rupees on Friday, its lowest level in two weeks. The inflow so far this year is Rs 11.3 billion after Rs 12.6 billion of net overseas purchases in the last 29 consecutive sessions amid positive sentiment towards a agreement with the IMF.
The more liquid S&P SL20 index ended 0.87% or 28.21 points lower at 3,203.01.
The main ASPI index has gained 10.3% in September so far after gaining 17.3% in August.
The index has lost 18.2% so far this year after being one of the best stock markets in the world with a return of 80% last year when large volumes of money were printed.
LOLC dragged the index lower, closing down 3.1% at 518 rupees per share.
Expolanka closed down 1.5% to 221 rupees and Brown Investments fell 2.5% to 7.7 rupees per share. (Colombo/September 23, 2022)