News & market updates

Colombo Stock Exchange closed down: the All Share Index fell 0.07% to 10,567 while the S&P SL20 rose 0.06% to 2,925, turnover was LKR 1.1 billion and there was a net foreign inflow of LKR 13.49 million; banks (Commercial Bank, HNB, Sampath) led turnover.

HNB PLC signed an MoU with the Sunera Foundation to sponsor three performing-arts workshops (Sunera Galle, Sunera Katugastota and Sunera Maharagama) aimed at supporting differently-abled youth and promoting inclusion.

Colombo market closed modestly higher with the ASPI up 4 points to 10,575 and turnover of Rs.1.03 billion. Banking stocks made up 54% of turnover while Royal Ceramics, NDB and Asian Hotels & Properties led gains and Commercial Bank, Nations Trust Bank and Sierra Cables fell.

Sri Lanka Parliament approved offshore banking regulations for Port City Colombo on 4 Sep 2024; six local banks, including Commercial Bank, HNB, DFCC, NDB and NTB, were approved as Authorised Persons by the CPCEC to operate offshore banking services.

The ASPI fell 0.65% to 10,571, taking its YTD return to -0.78%. Declines in Commercial Bank, John Keells, Sampath and HNB led the drop; turnover was Rs.1bn (up 46.9% vs monthly average) and foreign investors were net buyers of Rs.131.1m.

ASPI fell 0.65% to 10,571, pushing its YTD return to -0.78% — the first YTD negative for 2024. Banking and blue-chip counters (Commercial Bank, John Keells, Sampath, HNB, DFCC) led declines; turnover was Rs.1bn (up 46.9% vs monthly avg) and foreigners net bought Rs.131.1m.

CHEC Port City said three international banks are in talks to set up offshore operations in Colombo Port City and that Commercial Bank, HNB, DFCC, NDB and Nations Trust have been approved as Authorised Persons to operate in the special economic zone. The rules allow multicurrency offshore transactions under CPCEC with Central Bank oversight.

Bank of Ceylon will raise up to Rs. 15 billion via a Basel III-compliant Tier 2 debenture issue opening 12 September; initial tranche of 50m debentures (Rs.100 each) to raise Rs.5bn with two oversubscription tranches, offering Type A fixed 13.50% and Type B floating (12‑month T‑bill +1%).

Colombo Stock Exchange closed down — All Share Index fell 0.86% to 10,571 and S&P SL20 fell 1.25% to 2,923, with turnover Rs1.2bn. Top turnover stocks included John Keells, HNB, Richard Pieris, Commercial Bank and Alliance Finance, with net foreign inflow of Rs131.7m.

Colombo market fell as S&P SL20 dropped 1.77% and ASPI declined 1% with turnover of Rs. 1.23 billion and net foreign inflow of Rs. 44.8 million. Commercial Bank, Hatton National Bank, Ceylon Tobacco Company, Sampath Bank and Royal Ceramics were the top negative contributors.

Colombo Stock Exchange fell: All Share Index down 1.05% to 10,663 and S&P SL20 down 1.77% to 2,960. Turnover was 1.2 billion with net foreign outflow of 44.81 million; top turnover stocks included Ceylon Tobacco, HNB, Commercial Bank, John Keells and Royal Ceramics, with mixed foreign buying/selling.

HNB PLC opened a relocated Ja-Ela customer centre at 73 Negombo Road to serve growing retail, corporate and SME customers. The redesigned branch offers faster transactions and digital services (HNB Payfast, MOMO, SOLO, HNB Digital Banking).

HNB PLC opened a relocated state-of-the-art Ja-Ela customer centre at 73 Negombo Road to serve growing retail, corporate and SME customers. The branch offers digitally enhanced services including HNB Payfast, HNB MOMO, HNB SOLO and HNB Digital Banking.

Colombo Bourse fell for a second week as the ASPI lost 0.9% and the S&P SL20 lost 1.5% amid election uncertainty, with weekly turnover averaging Rs.1.03 billion. Major laggards included Commercial Bank, HNB, John Keells and Windforce, while Ceylon Tobacco, Ceylon Grain Elevators and Cable Solutions gained.

ASPI fell 0.3% to close at 10,801 as turnover was Rs.1.5 billion; indices reversed gains after a short-lived rebound. Melstacorp, Hemas, DFCC, LOLC and John Keells were among the top negative contributors while Hatton National Bank gained and Commercial Bank was flat.

Colombo market rebounded, ending a 12-day losing run as the ASPI rose 1.5% (164 points) with turnover of Rs. 1.46bn; banking counters and index heavyweights such as Commercial Bank, Sampath Bank, Melstacorp, CTC and Hayleys were top contributors.

Hatton National Bank PLC was named 'The Best Bank – Sri Lanka' at the ICC Emerging Asia Banking Conclave and Awards and was runner-up for 'The Best Performance on Profitability'. As of June 2024 HNB's asset base was Rs. 1.95 trillion, deposits Rs. 1.59 trillion, and digital transaction volumes rose 63% YoY.

Hatton National Bank will pay Rs. 7 billion to DFCC Bank to acquire the remaining 50% stake in Acuity Partners Ltd, with the transaction expected to conclude on or before 31 October 2024. DFCC's board has approved the sale subject to statutory and regulatory approvals and a share sale agreement.

Colombo bourse continued its negative run as election uncertainty pushed both indices down over 0.4%, with market capitalisation at Rs. 4.23 trillion (0.4% YTD decline) and turnover of Rs. 1.1 billion. Notable moves: CTC down Rs.46.50 to Rs.1,163.50, Commercial Bank down Rs.1 to Rs.83.70, HNB down Rs.1.50 to Rs.163.50 and JKH down 50c to Rs.167; retail interest seen in Browns Investments and LOLC Finance.

United Motors Lanka PLC appointed Jonathan Alles as an Independent Non-Executive Director. Alles is a veteran banker and former MD/CEO of Hatton National Bank with over 37 years of experience.

Colombo Stock Exchange closed higher: All Share Index +1.54% and S&P SL20 +1.84% with turnover LKR 1.4bn and net foreign outflow of 68.23mn. Market saw accumulation in banking shares and conglomerates, with top turnover in HNB, Commercial Bank and Ceylon Hospitals; mixed foreign flows across CIC, Tess Agro, JAT, Lanka IOC, hSenid and Softlogic.

HNB PLC was named 'Best Bank – Sri Lanka' at the ICC Emerging Asia Banking Conclave & Awards on 23 Aug 2024; as of June 2024 its asset base was Rs 1.95 trillion and deposits Rs 1.59 trillion. The bank reported a 63% YoY rise in digital transaction volumes and 65% YoY growth in digital customers, noting efficiency gains from its Everest Transformation project.

LTL Holdings has launched an IPO on the CSE of up to 1,379,310,400 new shares at LKR 14.50 (initial LKR 16bn, greenshoe to LKR 20bn) offering up to 22.3% of the company. Proceeds will fund a 350 MW LNG combined-cycle plant (LKR 13.5bn) and a 50% stake in a 100 MW solar project (LKR 6bn); NDB Investment Bank, Hatton National Bank and Sampath Bank are acting as managers/bankers to the issue.

The ASPI fell 1.4% to a six-month low of 10,720 and the S&P SL20 declined 1.7% as election uncertainty weighed on the market. Banking counters and heavyweights including Commercial Bank, HNB, Sampath, John Keells and Hayleys led losses while foreigners were net sellers.

Colombo Stock Exchange slid as the All Share Index fell 0.43% to 10,673 and the S&P SL20 fell 0.55% to 2,990 on turnover of 1.1 billion; net foreign inflow was 39 million and several stocks recorded crosses and foreign flows.

President Ranil Wickremesinghe prioritised economic stability and announced measures including a Rs.50 billion SME/MSME support fund, a new insolvency law, creation of a National Development Bank and an Economic Commission from 1 Jan 2025. He also pledged digitalisation of government services and stronger anti-corruption frameworks.

Colombo Stock Exchange fell as the All Share Index dropped 1.38% to 10,719 and the S&P SL20 fell 1.69% to 3,006 on turnover of 615 million, with election-month political uncertainty weighing on sentiment.

Hatton National Bank (HNB.N0000) announced a value-chain financing partnership with Wonrich Dairy to support over 12,500 dairy farmers with tailored finance, training and access to inputs. The program offers customized loan products, technical assistance and market linkages to boost productivity and incomes.