October 1, 2022
Sri Lankan shares end lower as financials weigh; post weekly fall

Sept 23 (Reuters) – Sri Lankan shares closed lower on
Friday, marking their first weekly fall in four, as losses in
financial stocks weighed on the benchmark index.

* The CSE All-Share index ended 0.36% lower at
9,964.80. For the week, the index declined 1.37%.

* The island-nation is facing its worst economic crisis
since its independence in 1948, as it grapples with soaring
inflation, economic contraction and a severe shortage of
essential items, caused by a record slump in foreign reserves.

* Sri Lankan authorities will formally hold talks with
international creditors on Friday to start the process of
restructuring billions of dollars of its debt and share plans to
tackle the island’s worst economic crisis in more than seven
decades.

* Japan, one of Sri Lanka’s main creditors, will back the
South Asian nation as it seeks to restructure about $30 billion
of its foreign debt, Tokyo’s envoy to the country said on
Friday.

* Trading volume on the CSE All-Share index rose to 150.2
million shares from 147 million in the previous session.

* Conglomerate LOLC Holdings and lender LOLC
Development Finance were the top drags on the index,
falling 2.9% and 3.2%, respectively.

* The equity market turnover was 3.02 billion Sri Lankan
rupees ($8.37 million), compared with 4.11 billion rupees in the
previous session, according to exchange data.

* Foreign investors were net buyers in the equity market,
purchasing 70.3 million rupees worth of shares, while domestic
investors were net sellers, offloading 2.96 billion rupees worth
of stocks, data showed.

* For a report on global markets, click
($1 = 361.0000 Sri Lankan rupees)
(Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)

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