Fitch upgrade lifts CSE as ASPI rebounds above 21,000
COLOMBO, September 23, 2026 — The Colombo Stock Exchange rebounded on 22 September 2026, with both benchmark indices closing higher after sentiment improved sharply during the afternoon following Fitch’s upgrade of Sri Lanka’s sovereign rating from CCC+ to B- with a Stable Outlook.
The ASPI gained 74.83 points, or 0.36%, to close at 21,054.01, while the S&P SL20 advanced 19.42 points, or 0.33%, to 5,928.86. The ASPI had fallen towards 20,900 earlier in the session before buying interest strengthened following the rating upgrade.
Market turnover improved to LKR 1.37 billion from LKR 750.35 million in the previous session, although activity remained below the YTD daily average of LKR 3.76 billion. The Capital Goods sector led turnover with LKR 347.62 million, while John Keells Holdings recorded the highest individual counter turnover at LKR 109.39 million.
Crossings accounted for around 16% of total turnover, led by JKH.N with approximately LKR 94.90 million. Other notable blocks were recorded in SIRA.N, DIPD.N, TJL.N and Softlogic Life.
Market breadth improved meaningfully, with 120 gainers against 86 decliners, producing an advance-decline ratio of 1.40. Foreign investors, however, remained net sellers with an outflow of approximately LKR 62.10 million.
Dialog Axiata was the largest positive contributor to the ASPI, followed by Hatton National Bank, Access Engineering, Overseas Realty and Ceylon Cold Stores. Lion Brewery was the largest negative contributor.
The key development was the sharp reversal in sentiment following the Fitch upgrade, which helped the market recover from early losses and move back above 21,000. The improvement in breadth was encouraging, although relatively subdued turnover and continued foreign selling suggest investors may look for further confirmation before treating the move as a sustained recovery.
