News & market updates

Colombo bourse fell as the ASPI dropped 1.01% to 16,566 with turnover of Rs.2.07bn and foreigners closing as net sellers. CINS and JKH were among the main negatives while SAMP and GUAR were top positives; banking led turnover (29%) and capital goods plus food & beverage accounted for 33%.

Sri Lanka stocks fell, with the ASPI down 1.01% to 16,566.27 as investors awaited next week's government budget; turnover was low at Rs 2.07 billion and net foreign outflows totalled Rs 35.5 million, with financials and capital goods weighing on the market.

Colombo's ASPI rebounded, rising over 50 points (0.3%) after a prior Rs.188 billion drop, with bargain buying lifting the market and the banking sector leading turnover. Sampath, DFCC, Seylan, C T Holdings and John Keells were top positive contributors while Ceylinco and Aitken Spence weighed on the index.

Sampath Bank PLC (SAMP.N0000) is the Platinum Sponsor of the 26th Presidential Export Awards, to be held on 7 February 2025 at BMICH, reinforcing the bank's support for exporters and export-led economic growth.

Sri Lanka stocks closed 0.6% higher, with the ASPI up 0.57% to 16,550.63, led by capital goods. Banks, construction and food & beverage shares saw notable investor interest; turnover was Rs 5.18bn and there was a net foreign outflow of Rs 126m.

Colombo market lost Rs.188 billion as the ASPI plunged ~500 points (3%) and the S&P SL20 fell 3.3%, taking market cap below Rs.6 trillion with turnover of Rs.6.35bn. Banking stocks were the main drag (Commercial Bank, Melstacorp, Sampath Bank, NDB); Ceylinco, Teejay, Browns and JKH featured in top turnover.

Sampath Bank (SAMP.N0000) is the Platinum Sponsor of the 26th Presidential Export Awards, reinforcing its support for Sri Lanka’s export sector and commitment to economic development.

Sri Lanka's ASPI fell 2.95% (500.39 pts) to 16,456.10 on Feb 5 as profit-taking triggered broad selling. Top losers included HNB, Commercial Bank, NDB, Sampath, Teejay Lanka and Singer, while Ceylinco Holdings and Lion Brewery gained; turnover was Rs 6.3bn with a net foreign outflow of Rs 343m.

Fitch assigned an expected 'A(EXP)(lka)' rating to Sampath Bank's proposed LKR10 billion Basel III-compliant subordinated debentures, upgraded from the earlier 'BBB+(EXP)(lka)' after the bank's national rating was raised.

Sri Lanka's central bank says it excludes excess reserves from the reported monetary base, citing the IMF manual. The clarification and the use of unremunerated excess reserves have caused large swings in reported reserve money and raised concerns about banking liquidity, credit expansion and rupee depreciation.

Colombo market opened February lower as the ASPI and S&P SL20 fell about 1%. Turnover was Rs.3 billion with foreigners net sellers of Rs.179.3m; key decliners included HNB, LOLC, BUKI, CARS and CFIN, while SPEN, TJL and CCS were notable gainers.

Sampath Bank and Union Assurance signed an exclusive bancassurance partnership on 30 January to distribute Union Assurance’s life insurance products through Sampath Bank’s branch network and digital channels.

Sampath Bank signed an exclusive bancassurance partnership with Union Assurance on 30 January 2025 to integrate Union Assurance's life insurance products into Sampath Bank's product suite and distribution. The deal will leverage Sampath's branch network and digital capabilities to distribute the insurance offerings.

Union Assurance PLC entered into a long-term referral bancassurance partnership with Sampath Bank PLC to distribute life insurance products, according to a stock exchange filing on 30 Jan 2025. The internally funded deal gives Union Assurance exclusive access to Sampath Bank's distribution network.

Colombo market turned bearish as the ASPI slipped 2 points to 17,115 on turnover of Rs.7.34bn and a net foreign outflow of Rs.2.2bn led by JKH; capital goods led turnover while NDB, COOP, AEL and Sierra Cables rose and Browns, Royal Ceramics, Melstacorp, LOLC and Hayleys lagged.

Colombo market slipped as the S&P SL20 fell 0.6% amid high turnover of Rs.8.4 billion, led by John Keells, Access Engineering, Browns Investments, Commercial Bank and Amana Bank; ASPI closed flat and foreign investors were net sellers of Rs.924 million.

Colombo bourse closed marginally lower: ASPI down 0.02% at 17,117.18 and S&P SL20 down 0.65% at 5,126.31, turnover Rs8.4bn and net foreign outflow Rs923.9m. Buying interest returned to banks and finance stocks after vehicle import relaxation, and construction names such as Access Engineering saw inflows.

Sampath Bank will be the Platinum Sponsor for the Association of Professional Bankers' 35th Annual Convention on 19-20 February 2025 at Cinnamon Life. The event will bring together chairmen, CEOs and senior banking management from Sri Lanka, India and Bangladesh.

Fitch upgraded People’s Bank’s National Long-Term Rating to 'AA-(lka)' from 'A (lka)' after a recalibration following Sri Lanka's sovereign upgrade. The upgrade highlights the bank’s strengthened credit profile and could bolster sentiment across Sri Lankan banks.

Visa forecasts Sri Lanka's digital payments market at $9.98bn in 2024, growing at a 14.49% CAGR to exceed $17bn by 2028. Visa highlighted a 35% surge in debit-card use during the last Avurudu, expansion of tap-to-pay and wearables, and a partnership with Hatton National Bank for a festive campaign.

Fitch upgraded the national long-term ratings of 10 Sri Lankan banks and affirmed five after recalibrating the national rating scale following a sovereign upgrade; upgrades include COMB, HNB, SAMP, SEYB, DFCC, NDB, NTB and PABC, while HDFC and SDB were affirmed. Fitch cited the sovereign IDR improvement as the driver.

Colombo market closed Friday lower with the ASPI down 108 points (0.64%) to 16,918 and the S&P SL20 off 1.23%; turnover was Rs.7.44bn. Food, Beverage & Tobacco and Banking were top turnover contributors while selected stocks (e.g., Melstacorp, Sierra Cables) saw mixed moves.

Sri Lanka's ASPI fell 0.64% to 16,917.86 in a market correction as SL20 dropped 1.23% and turnover was Rs 7.4bn. Banks led the pullback (HNB -4.0%, NDB -1.34%, DFCC -1.5%, Seylan -0.5%) while Browns Investments, Sierra Cables, John Keells and RIL were among the most active stocks.

Sri Lanka's ASPI rose 1.17% to 17,025.99 as stocks closed up 1.1%, led by gains in HNB, Central Finance, Hayleys, SFCL and LOLC-group names. Turnover was Rs 9.7bn with a net domestic inflow of Rs 565m, while some banks (Sampath, NDB, DFCC) fell.

Fitch upgraded the national long-term ratings of 10 Sri Lankan banks and affirmed five after recalibrating the national rating scale following a sovereign upgrade; most outlooks remain Stable. Union Bank and Cargills Bank carry Negative Outlooks due to capital-buffer and parent-support risks.

Fitch upgraded the national long-term ratings of 10 Sri Lankan banks and affirmed five after recalibrating the national rating scale following Sri Lanka's sovereign upgrade on 20 December 2024.

Colombo Stock Exchange rose as banking stocks led gains after Fitch upgraded several Sri Lankan banks; the ASPI closed up 1.40% at 16,828.80. Turnover was LKR 10.66bn with a net domestic inflow of LKR 670m and a net foreign outflow of LKR 670m; notable movers included HNB, NDB, Browns and Ceylon Tobacco.

ASPI rose 224 points to 16,597 and the S&P SL20 closed at 5,047 as the Colombo market hit new highs on Rs.8.3bn turnover led by banking stocks, with Commercial Bank, HNB, DFCC, NDB and Sampath among the top contributors.