ECONOMYNEXT – Sri Lanka shares closed up on trading on Tuesday.
Turnover was 942 million rupees.
The main All Share Price Index was up 0.28 percent or 31.66 points to 11,248.16, while the S&P SL20 was down 0.05 percent or 1.44 points to 3,165.96.
“The market picked up slightly today on the news that we’ve been upgraded by S&P. So we saw a bit of an uptake, however, things were a bit slow since it’s the month end and a short week,” an analyst said.
“There is buying interest in the tourism sector.”
Trading in the Capital Goods Industry (345,782,184) and Banks (216,564,235) drove turnover.
S&P Global ratings said Sri Lanka’s local currency rating was raised to CCC+/C from SD (selective default), after the completion of a domestic debt restructuring.
“We raised our local currency ratings on Sri Lanka to ‘CCC+/C’ to reflect a forward-looking opinion about Sri Lanka’s creditworthiness on local currency obligations following the completion of the government’s domestic debt exchange program with superannuation funds,” S&P said. (Colombo/Sep26/2023)