ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed.
The broader All Share Index closed up 0.75 percent, or 81.94 points, at 10,966; while the more liquid S&P SL20 Index closed up 1.32 percent, or 40.44 points, at 3,102.
Turnover was 1.3 billion.
“Today was all about the ISB deal; banking sector counters were up. That’s what mostly drove the market yesterday and today,” Softlogic Stockbrokers said.
Sri Lanka reached a deal with foreign bond holders and local banks to restructure defaulted sovereign bonds.
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Sri Lanka local banks to get 10-pct haircut on 70-pct of ISBs, balance in rupees
“Companies with exposure to ISBs faired favorably.”
“It was a good end to the week which saw back to back positive days.”
Local banks would be able to exchange 70 percent of their ISBs into dollar bonds with a 10 percent haircut.
The balance 30 percent would be exchanged for rupee securities.
The bigger banks were up except for DFCC Bank (down at 68.30); Hatton National Bank (up at 168.75), Commercial Bank (up at 88.40), Sampath Bank (up at 72.60), and National Development Bank (up at 70.00).
Smaller banks closed flat; Union Bank (flat at 9.20), HDFC Bank (flat at 31.80), and NTB (flat at 126.00).
Conglomerates Melstacorp (up at 79.30), and John Keells (up at 167.25) were among the top contributors to the ASPI.
There was a net foreign outflow of 12 million. (Colombo/Sep20/2024)