Sri Lanka’s shares marginally up on CBSL’s local debt restructuring assurance

Sri Lanka
By Editor_1
Governor of Sri Lankan Central Bank Nandalal Weerasinghe has said Sri Lanka’s public bank deposits and stability of the banking system will be safeguarded in any reorganization of domestic debt --Eranga Jayawardena/AP/ File

COLOMBO –  Sri Lanka‘s shares edged up marginally on Thursday (11), as investors adopt a wait and see approach as investors further pry for clarity on local debt restructuring and optimization, an analyst said.

“The market is not condensed with high volumes and is stagnant on a wait and see approach with regard to firmer news on debt restructuring and optimization,” an analyst said.

The main All Share Price Index (ASPI) was up 0.65% or 57.48 points to 8,949.82, while the most liquid index, S&P SL20, was up 0.76% or 19.61 points to 2,608.24.

So far the Central Bank Governor Nandalal Weerasinghe has said, Sri Lanka’s public bank deposits and stability of the banking system will be safeguarded in any reorganization of domestic debt.

“There is speculation about the stability of public deposits and banking system stability,” Governor Weerasinghe told a public forum, declaring, “In any kind of debt optimization, we will ensure and safeguard banking system stability as well as the protection of public deposits.”

A key objective of the central bank is maintaining financial sector stability, he said.

“Investors are likely to invest after the Central Bank provides firmer assurances,” an analyst said.

Sri Lanka’s banks said assurances has been received that the stability of the sector cannot be risked in a planned domestic debt overhaul, to make the defaulted debt sustainable under a program with the International Monetary Fund (IMF).

Analysts say that the market is adopting a wait and see approach as the assurances provided on debt optimization were given by an Association rather than from a legitimate entity.

“Until firm assurances are granted we may see slow trading activity,” an analyst said.

Sri Lanka Bank’s Association said in a statement that the Central Bank of Sri Lanka (CBSL) had assured banks that the regulatory stance in the on-going Domestic Debt Optimization (DDO) discussions with the diverse stakeholders will be that the banking sector stability cannot be put at risk.

“The trend should pick up in the days to come,” an analyst said.

Foreign Minister Ali Sabry earlier this month said Sri Lanka was confident of meeting its debt restructuring objectives and no longer intends to borrow for infrastructure projects that don’t promise returns, adding that the country has learnt its lesson.

The market generated a revenue of 589 million rupees, below the daily average of 1.4 billion rupees. Majority of the turnover was made from the energy sector bringing in 169 million rupees.

The market turnover generation indicates that there is no panic selling present in the market, an analyst said.

Top gainers were Commercial Bank, DFCC Bank and Sampath Bank, on selling pressure and profit taking.

The market also generated a foreign inflow of 14 million rupees, having an outflow of 36 million rupees bringing the net foreign inflow to 2.1 billion rupees.

-economynext.com

 

Editor_1
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