The Colombo Stock Exchange started the week on a positive note, with ASPI recording a gain of 0.66% to reach 11,386.72, marking a new all-time high since March 02, 2023. Similarly, S&P SL20 also showed a positive trend, rising by 0.98% to reach 3,309.60. The buying interest was particularly evident in blue- chip counters and the banking sector, as concerns regarding debt optimization and macroeconomic factors have been alleviated. The market generated a turnover of LKR 2.7 billion, with the majority of the revenue coming from the banking sector, bringing in LKR 573 million. Additionally, the capital sector contributed LKR 528 million, and the transport sector brought in LKR 384 million. The yearly average turnover stands at LKR 1.7 billion, reflecting increased market activity and investor participation.
News Updates
Q2 GDP contraction to be lower than Q1: CBSL
The Central Bank of Sri Lanka (CBSL) expects a lower economic contraction in the second quarter (2Q) of 2023 compared to the first quarter (1Q), while the economy is expected to start growing in the second half of 2023, a monetary policy report said. Accordingly, the CBSL states that the real economy is expected to continue contracting in the immediate period ahead as well, but that a gradual rebounding may be possible afterwards, during the second half of 2023.
(Source: themorning.lk)
Central Bank publishes inaugural Monetary Policy Report
The Central Bank of Sri Lanka (CBSL) published its inaugural Monetary Policy Report (MPR) on Monday (31 July). The publication of the Monetary Policy Report marks an important step towards improving the transparency of monetary policy and is expected to promote engagement with all stakeholders of the economy through the dissemination of information that was considered by the Monetary Board of the Central Bank of Sri Lanka in the formulation of monetary policy decisions, the Central Bank said in a statement. (Source: themorning.lk)
Sri Lanka records single-digit inflation after 2 years: Report
After facing its worst financial crisis since independence, Sri Lanka has recorded single-digit inflation for the first time in two years. According to a statement from the Census and Statistics Office, the Colombo Consumer Price Index (CCPI), which the Sri Lankan Government uses to monitor inflation, showed a year-over-year rate of 6.3% in July 2023, down from 12 % in June this year.
(Source: themorning.lk)
Sri Lanka current account surplus US$600mn in 1Q amid financial outflows
Sri Lanka has recorded external current account surpluses for three straight quarters, official data shows as the country repaid debt on a net basis and built reserves with deflationary open market operations. “The current account recorded a notable surplus of US dollars 0.6 billion in Q1-2023,” the central bank said in a monetary report. (Source: Economynext.com)
Asia Stocks Drop as Fitch Fallout Saps Sentiment: Markets Wrap
Asia stocks fell as Fitch Ratings’ downgrade of the US sovereign rating sapped risk sentiment
following a strong recent run, while further support measures from China failed to reverse the mood. An Asia Pacific equity gauge headed for the biggest decline in almost a month.
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