Market in Brief
Sri Lanka stocks closed up on Friday after domestic bond restructuring assurances and fears on investing in the banking sector diminished. The All Share Price Index (ASPI) edged up 0.72% with a gain of 79.71 points to 11,106.54, while the most liquid index S&P SL20 was up 0.83% with a gain of
26.67 points to 3,231.83.
The market has continuously being seeing gains on domestic debt optimization (DDO) while there has been profit taking and selling interest in the banking sector over constant gains in the past 13 sessions.
News Updates
CBSL Chief directs banks to lower interest rates immediately
The Central Bank Governor Dr. Nandalal Weerasinghe last week wrote to the commercial banks to reduce interest rates immediately as it was warranted. In a letter to the Sri Lanka Banks Association, the CBSL Chief said it recently reduced the policy interest rates by 450 bps on two occasions with a view to enabling the economy to reach its potential while stabilising inflation at mid-Single digit levels in the medium term and easing pressures in the financial markets. (Source: ft.lk)
Adani commits to completing 500 MW solar and wind project in SL by Jan. 2025
In a significant development for renewable energy in Sri Lanka, Indian business tycoon, Gautam Adani has pledged to complete the 500 MW solar and wind power project in Mannar and Pooneryn by January 2025. The commitment from Gautam Adani to complete the 500 MW Solar and Wind project by January 2025 is expected to have a transformative impact on Sri Lanka’s renewable energy landscape. (Source: ft.lk)
National inflation eases further to 10.8% in June
Sri Lanka’s national inflation, which measures the increase in prices paid by consumers for goods
and services across the country, eased further in June, bringing consumer prices to levels last seen nearly two years ago.
The change in prices measured by the National Consumer Price Index rose by 10.8 percent in the twelve months to June 2023, down significantly from 22.1 percent a month earlier. This was the lowest since October 2021, when national inflation was recorded at 8.3 percent.
(Source: dailymirror.lk)
Crisis-hit Sri Lanka offers investment zones for private investors
Economic crisis hit Sri Lanka is offering investment zones to private investors who can manage
and bring more foreign investors, the island nation’s Investment Minister said, as the country is
looking at all options to boost foreign inflows amid a debt restructuring plan. (Source: Economynext.com)
Asian Stocks Rise in Big Week of Central Banks: Markets Wrap
Stocks in Asia gained at the start of a busy week that will see a wave of central bank decisions as easing bets on policy change in Japan buoyed sentiment. (Source: bloomberg.com)
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