January 2023 Market Performance: q The Colombo Bourse closed positive in January, with the benchmark All Share Price Index (ASPI) gaining +4.4% MoM to 8,865 points (an increase of 375 index points MoM). Meanwhile, the more liquid S&P SL20 index increased +4.9% MoM to 2,765 points (an increase of 129 index points). Economy: q The Colombo Consumer Price Index (CCPI - Base year 2013) increased by 1.1 points to 244.3 index points, whilst point-to-point inflation was recorded at 54.2% in January 2023 (vs. 57.2% in December 2022). Meanwhile, annual average inflation was recorded at 49.6%. q Tourist arrivals to Sri Lanka (SL) improved by +12% MoM to 102,545 arrivals for the month of January 2023 (vs. 91,961 arrivals in December 2022), primarily due to resumption of international airlines operations to SL coupled with removed travel barriers from key sourced markets and resurgence in cruise ships segment operations in the industry. q We expect our export earnings for 2023E to reach US$14,520mn (+9% YoY) and US$15,739mn (+8% YoY) in 2024E. Whilst we broadly maintain our import expenditure forecast at US$18,586mn (+3% YoY) for 2023E and US$19,861mn (7% YoY) for 2024E. q GDP forecast to contract at -9.3% YoY for 2022E and -2.1% YoY for 2023E subsequently expected to expand by +3.5% YoY for 2024E. q Anticipated inking of the IMF BLA in early 1Q2023E likely to strengthen the LKR in the immediate near term following the ongoing debt restructure negotiations. q 12 Month T bill for 2023E and 2024E end are forecast at 15% and 10%, respectively. contact Arusha Michael arusha@ctclsa.lk +94 77 395 6765

1. CT CLSA SECURITIES (PVT) LIMITED | A Member of the Colombo Stock Exchange 1
❑ The Colombo Bourse closed positive in January, with the benchmark
All Share Price Index (ASPI) gaining +4.4% MoM to 8,865 points (an
increase of 375 index points MoM). Meanwhile, the more liquid S&P
SL20 index increased +4.9% MoM to 2,765 points (an increase of 129
index points).
❑ The Colombo Consumer Price Index (CCPI - Base year 2013)
increased by 1.1 points to 244.3 index points, whilst point-to-point
inflation was recorded at 54.2% in January 2023 (vs. 57.2% in
December 2022). Meanwhile, annual average inflation was recorded
at 49.6%.
❑ Tourist arrivals to Sri Lanka (SL) improved by +12% MoM to 102,545
arrivals for the month of January 2023 (vs. 91,961 arrivals in
December 2022), primarily due to resumption of international airlines
operations to SL coupled with removed travel barriers from key
sourced markets and resurgence in cruise ships segment operations in
the industry.
❑ We expect our export earnings for 2023E to reach US$14,520mn
(+9% YoY) and US$15,739mn (+8% YoY) in 2024E. Whilst we broadly
maintain our import expenditure forecast at US$18,586mn (+3% YoY)
for 2023E and US$19,861mn (7% YoY) for 2024E.
❑ GDP forecast to contract at -9.3% YoY for 2022E and -2.1% YoY for
2023E subsequently expected to expand by +3.5% YoY for 2024E.
❑ Anticipated inking of the IMF BLA in early 1Q2023E likely to
strengthen the LKR in the immediate near term following the ongoing
debt restructure negotiations.
❑ 12 Month T bill for 2023E and 2024E end are forecast at 15% and
10%, respectively.
January 2023
INSIDE
Stock Market 2
Top Buy Ideas 5
Monetary Policy and Interest Rates 6
Balance of Payments (BOP) 7
Tourism 8
Inflation 9
Commodity Prices & Exchange Rates 11
Economic Indices & Energy Generation 12
Sri Lanka Monthly Report
Month-end CSE Statistics
ASPI 8,865
S&P SL 20 2,765
Market Turnover (Rs mn) 37,138
Shares Traded (No) (mn) 1,986
USD Exchange Rate
-Commercial Bank Avg. Mid 360.3
-Forward 1M 369.0
-Forward 3M 377.5
Interest Rates (%)
-TB-3M 29.88
-TB-6M 28.72
-TB-12M 27.72
-Comm. Bank Avg. Weigh. PLR 24.82
-Comm. Bank Avg. Weigh. Lend 18.70
-Comm. Bank Avg. Weigh. Dep. 14.63
One Year Market Performance
Average Daily Turnover (US$ mn)* 5.1
Net Foreign Purchases (US$ mn)* 1.1
Market Capitalization (US$ bn)^ 10.7
Market Capitalization to GDP %^ 13.6
Key Market Statistics
*For January 2023 ^ as at 31 December 2022
2,000
3,000
4,000
5,000
6,000
8,000
10,000
12,000
14,000
Jan-22 May-22 Aug-22 Oct-22 Jan-23
ASPI - LHS S&P SL20
Movement (%) 1M 3M 12M Average Daily 1M 3M 12M
All Share 4.4 3.1 -31.9 Turnover (Rs. mn) 1,857 1,917 2,423
S&P SL20 4.9 6.7 -37.1 Volume (mn) 99 85 102

2. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 2
❑ The Colombo Bourse closed positive in January, with the benchmark All Share Price Index
(ASPI) gaining +4.4% MoM to 8,865 points (an increase of 375 index points MoM).
Meanwhile, the more liquid S&P SL20 index increased +4.9% MoM to 2,765 points (an
increase of 129 index points).
❑ Average daily turnover decreased to Rs.1,857mn in January 2023 (vs. Rs.2,387mn in
December 2022). Top contributors to monthly turnover were Softlogic Capital (SCAP,
Rs.6,595mn, 445mn shares), Softlogic Life Insurance (AAIC, Rs.3,435mn, 32mn shares), and
Lanka IOC (LIOC, Rs.3,260mn, 16mn shares).
❑ Net foreign inflows decreased to Rs.413mn in January 2023 following a net foreign inflow
of Rs.13,039mn in December 2022.
❑ During the month, net foreign buying was seen in Hemas Holdings (HHL, +Rs.289mn), John
Keells Holdings (JKH, +Rs.156mn), and Browns Investments (BIL, +Rs.55mn), whilst net
foreign selling was seen in Hatton National Bank (HNB, -Rs.155mn), LOLC Finance (LOFC, -
Rs.103mn), and Melstacorp (MELS, -Rs.64mn).
Stock Market
Daily Turnover and Index Values – January 2023
Source : CSE
Regional Market Performance – % MoM
Source : Bloomberg
Note - Share prices adjusted for capital issues (if any)
Top Gainers and Losers – January 2023
Top Gainers
Company Code MPS % MoM
Turnover
(Rs. mn)
Capital Alliance CALT 32.8 +65.0 1,401.0
Softlogic Capital SCAP 15.9 +54.9 6,594.6
Softlogic Life Insurance AAIC 120.5 +42.2 3,434.9
First Capital Holdings CFVF 39.4 +37.6 1,193.5
People's Leasing & Finance PLC 6.8 +33.3 224.6
Top Losers
Company Code MPS % MoM
Turnover
(Rs. mn)
Jetwing Symphony JETS 95.0 -33.0 43.4
LOLC Development Finance NIFL 360.0 -28.0 2.1
Softlogic Finance CRL 8.7 -25.2 5.7
Industrial Asphalts (Ceylon) ASPH 0.3 -25.0 15.7
Hunters & Company HUNT 603.8 -23.2 0.4
0
500
1,000
1,500
2,000
2,500
3,000
8,200
8,300
8,400
8,500
8,600
8,700
8,800
8,900
9,000
2-Jan
3-Jan
4-Jan
5-Jan
9-Jan
10-Jan
11-Jan
12-Jan
13-Jan
17-Jan
18-Jan
19-Jan
20-Jan
23-Jan
24-Jan
25-Jan
26-Jan
27-Jan
30-Jan
31-Jan
Turnover (Rs mn) ASI - LHS
-5%
0%
5%
10%
15%
Sri
Lanka
-
ASI
Bangladesh
-
DSE
China
-
Shanghai
Composite
Hong
Kong
-
HSI
India
-
NSE
Japan
-
TOPIX
Malaysia
-
Bursa
KLCI
Mongolia
-
MSE
Top
20
Pakistan
-
Karachi
ASI
Singapore
-
FTSE
ASI
South
Korea
-
KOSPI
Philippines
-
PSE
Thailand
-
SET
Vietnam
-
VN
% MoM

3. CT CLSA SECURITIES (PVT) LIMITED | A Member of the Colombo Stock Exchange 3
Market Summary
Stock Market
Top 20 Companies by Turnover – January 2023
Top Net Foreign Purchases – January 2023 Top Net Foreign Sales – January 2023
Source – CSE, CT CLSA *Voting Shares
* Market cap of non-voting share has been included
2022 2022 2022 2022 2022 2022 2022 2022 2022 2023 2023 2022
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Cumulative
All Share Index 7,624 8,108 7,342 7,731 9,071 9,931 8,602 8,651 8,490 8,865 8,865 13,010
ASI % Change (MoM) -14.4 6.3 -9.4 5.3 17.3 9.5 -13.4 0.6 -1.9 4.4 4.4 6.4
S&P SL20 Index 2,509 2,679 2,334 2,448 2,929 3,165 2,591 2,730 2,636 2,765 2,765 4,398
S&P SL20 % Change (MoM) -17.2 6.8 -12.9 4.9 19.6 8.1 -18.2 5.4 -3.5 4.9 4.9 3.9
Turnover (Rs mn) 17,740 32,445 24,567 20,594 82,095 95,760 39,699 32,078 47,744 37,138 37,138 154,563
Market Days 11 18 21 20 23 22 19 21 20 20 20 19
Avg. Daily T/O (Rs mn) 1,613 1,802 1,170 1,030 3,569 4,353 2,089 1,528 2,387 1,857 1,857 8,135
Foreign Purch (Rs mn) 1,341 1,403 1,460 1,661 4,503 18,346 3,267 1,823 14,112 1,621 1,621 15,332
Foreign Sales (Rs mn) 957 1,253 1,398 877 3,553 3,621 780 1,990 1,073 1,208 1,208 18,061
Net For. In / (Out) (Rs mn) 384 150 62 784 950 14,725 2,487 -167 13,039 413 413 -2,729
Foreign Activity (%) 6.5 4.1 5.8 6.2 4.9 11.5 5.1 5.9 15.9 3.8 3.8 10.8
Market P/E (X) 6.4 6.3 4.7 4.9 5.5 5.7 5.0 5.1 5.0 5.0 5.0 14.5
Dividend Yield (%) 4.0 3.8 4.6 4.3 4.0 3.6 4.1 4.0 4.1 4.1 4.1 2.1
Market PBV (X) 0.9 1.0 0.8 0.8 1.0 1.0 0.9 0.9 0.9 0.9 0.9 1.8
Market Cap (Rs bn) 3,226 3,611 3,184 3,322 3,964 4,341 3,779 3,888 3,847 3,881 3,881 5,815
Company Code
Current
Foreign
Holding
(%)
Net Foreign
Purchases (mn)
Hemas Holdings HHL 15.5 288.8
John Keells Holdings JKH 37.1 156.1
Browns Investments BIL 0.3 55.1
Lion Brewery Ceylon LION 36.1 53.4
Tokyo Cement- Non-Vot TKYO 19.5 36.7
LB Finance LFIN 2.2 33.8
Agstar - Voting AGST 0.5 33.3
Sunshine Holdings SUN 13.7 13.9
Aitken Spence SPEN 23.5 13.8
Teejay Lanka TJL 94.4 13.3
Company Code
Current
Foreign
Holding
(%)
Net Foreign Sales
(mn)
Hatton National Bank* HNB 13.0 155.3
LOLC Finance LOFC 13.6 103.0
Melstacorp MELS 15.5 64.2
Lanka Tiles TILE 0.47 42.2
Horana Plantations HOPL 1.3 21.7
Chevron Lubricants Lanka LLUB 62.5 18.4
hSenid Business Solutions HBS 10.9 17.8
BPPL Holdings BPPL 2.2 7.8
Galle Face Capital Partners WAPO 2.0 6.6
Royal Ceramics Lanka RCL 0.9 6.5
Company Code
MPS (Rs) 31
January 2023
% MoM
Turnover
(Rs mn)
Shares Traded
(mn)
As a % of
Mkt T/O
Softlogic Capital SCAP 15.9 54.9 6,594.6 444.7 6.9
Softlogic Life Insurance AAIC 120.5 42.2 3,434.9 32.4 3.6
Lanka IOC LIOC 206.3 1.0 3,260.4 16.2 3.4
Expolanka Holdings EXPO 185.8 1.6 1,946.2 10.5 2.0
Agstar - Voting AGST 15.0 -1.3 1,870.4 118.7 2.0
Capital Alliance CALT 32.8 65.0 1,401.0 47.6 1.5
Browns Investments BIL 6.5 -7.0 1,388.0 204.2 1.4
John Keells Holdings JKH 139.5 2.4 1,320.0 9.6 1.4
First Capital Holdings CFVF 39.4 37.6 1,193.5 33.2 1.2
LOLC Finance LOFC 6.9 -17.3 1,125.3 154.5 1.2
First Capital Treasuries FCT 25.0 6.4 820.8 31.4 0.9
Hayleys HAYL 69.9 2.8 748.7 10.5 0.8
Sampath Bank SAMP 43.5 25.0 562.0 13.9 0.6
Melstacorp MELS 53.1 11.6 551.8 11.2 0.6
LOLC Holdings LOLC 412.8 2.6 494.5 1.2 0.5
Hemas Holdings HHL 59.0 5.0 487.7 8.3 0.5
ACL Cables ACL 74.3 7.1 473.8 6.4 0.5
Taprobane Holdings TAP 11.0 9.1 465.1 38.3 0.5
Amana Bank ABL 2.9 3.5 368.8 126.8 0.4
Lankem Developments LDEV 32.6 4.5 354.0 10.7 0.4

4. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 4
Recent Capital Issues
*To be announced ^ Closing price as at 31 Jan 2023 ^^ Issue Price
Company Code Type Ratio
Market Price
(Rs)^
Price (Rs)^^ XR Date
No. of shares
to be issued (mn)
Hunas Falls HUNA Sub-Division 1:150 N/A - 21-Apr-22 838.1
Nation Lanka Finance CSF Rights Issue 212 : 100 0.5 0.7 26-Aug-22 1,516.2
Abans Finance AFSL Rights Issue 3 : 28 21.5 28.0 5-Sep-22 7.1
Balangoda Plantations BALA Rights Issue 1 : 1 80.1 85.0 23-Nov-22 23.6
Jetwing Symphony JETS Rights Issue 1 : 5.02 7.0 5.0 28-Nov-22 100.0
Ceylon Cold Stores CCS Sub-division 1 : 10 37.0 N/A 5-Sep-22 855.4
Serendip Hotels SHOT.N Rights Issue 3 : 1 8.5 7.0 25-Oct-22 226.5
Serendip Hotels SHOT.X Rights Issue 3 : 1 5.3 4.0 25-Oct-22 108.0
Softlogic Finance CRL Rights Issue 100 : 423 8.7 7.3 21-Oct-22 116.5
Ceylon Hospitals CHL.N Rights Issue 1 : 16 141.8 112.5 15-Feb-23 1.6
Ceylon Hospitals CHL.X Rights Issue 1 : 16 109.5 90.0 15-Feb-23 0.5
Marawila Resorts MARA Rights Issue 2 : 3 2.2 2.0 - 152.0
Performance of Top 20 Listed Companies – January 2023
* Market cap of non-voting share has been included
Company Name
MPS (Rs)
31 Jan 2023
Indexed
Shares
(No. mn)
Mkt Cap
(Rs bn)
Est. Free
Float %
Est. Free
Float Adj.
Mkt Cap
(Rs bn)
Price
Movement
Absolute
MoM (%)
Price
Movement
Index Rel (%)
Shares
Traded
('000)
Expolanka Holdings 185.8 1,954.9 363.1 9.9 36.0 1.6 -2.8 10,461.9
LOLC Holdings 412.8 475.2 196.1 15.1 29.6 2.6 -1.9 1,185.1
John Keells Holdings 139.5 1,384.9 193.2 98.5 190.4 2.4 -2.0 9,594.9
LOLC Finance 6.9 19,251.3 132.8 6.6 8.8 -17.3 -21.7 154,474.3
Ceylon Tobacco Company 640.0 187.3 119.9 15.9 19.0 5.0 0.6 97.2
Sri Lanka Telecom 65.0 1,804.9 117.3 5.5 6.5 -2.2 -6.6 1,415.9
Lanka IOC 206.3 532.5 109.8 24.9 27.3 1.0 -3.4 16,227.0
Browns Investments 6.5 14,369.7 93.4 20.1 18.7 -7.0 -11.5 204,174.2
Dialog Axiata 9.4 8,247.6 77.5 16.7 12.9 10.6 6.2 12,286.2
Distilleries Co of Sri Lanka 14.4 4,600.0 66.2 3.3 2.2 7.4 3.0 1,336.1
Commercial Bank of Ceylon* 56.2 1,167.2 65.6 99.8 65.5 12.3 7.8 1,048.1
Melstacorp 53.1 1,165.4 61.9 42.9 26.5 11.6 7.2 11,238.4
Cargills (Ceylon) 229.8 257.7 59.2 20.7 12.3 -2.1 -6.6 115.3
Aitken Spence 140.0 406.0 56.8 45.7 26.0 7.7 3.3 342.6
Hayleys 69.9 750.0 52.4 37.6 19.7 2.8 -1.6 10,504.1
Carson Cumberbatch 257.0 196.4 50.5 14.4 7.3 2.6 -1.8 5.6
Nestle Lanka 930.0 53.7 50.0 9.2 4.6 1.1 -3.3 39.2
Sampath Bank 43.5 1,144.4 49.8 90.6 45.1 25.0 20.6 13,855.5
Lion Brewery Ceylon 599.5 80.0 48.0 13.9 6.7 6.6 2.2 90.7
Richard Pieris and Company 22.5 2,035.0 45.8 42.2 19.3 -7.0 -11.4 4,427.8
Stock Market
11%
30%
11%
14%
10%
15%
20%
25%
30%
35%
Market Capitalization to GDP ratio (%)
Source: CT CLSA,
CSE, DCS Note:
GDP for 4Q2022
based on current
market prices was
estimated based
on our in-house
forecast that
anticipates -9%
contraction.

5. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 5
Top Buy Ideas – 08 February 2023

6. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 6
Monetary Policy and Interest Rates
Interest Rate Pressures Reducing – Money Market Illiquidity Declines Gradually
Source: CBSL
On 25 January 2023 Policy interest rates were maintained by the CBSL during its 1st
monetary policy review with the Standing Deposit Facility Rate (SDFR) and the
Standing Lending Facility Rate (SLFR) maintained at 14.5% and 15.5%, respectively
along with Statutory Reserve Ratio (SRR) at 4% considering recent and expected
developments and projections on the domestic and global macroeconomic fronts.
The Board noted that the maintenance of a tight monetary policy stance is imperative
to ensure that monetary conditions remain sufficiently tight to rein in inflationary
pressures. Such policies, together with the tight fiscal policy, are expected to adjust
inflation expectations downward, enabling the Central Bank to bring inflation rates
towards the desired levels by the end of 2023, thereby restoring economic and price
stability over the medium term.
The deceleration in inflation is expected to continue, supported by subdued
aggregate demand pressures, expected improvements in domestic supply conditions,
global commodity prices, and the timely passthrough of such reductions to domestic
prices.
4.00%
Unchanged
SDFR
SLFR
14.50%
Unchanged
SRR
15.50%
Unchanged ❑ Interest Rates likely to stabilise and reduce driven by near-term monetary policy
directives.
❑ In order to control cost-push price pressures, market interest rates to be allowed
to reduce in the near term.
❑ Anticipated inking of the IMF BLA in early 1Q2023E likely to strengthen the LKR
in the immediate near term following the ongoing debt restructure negotiations.
❑ 12 Month T bill for 2023E and 2024E end are forecast at 15% and 10%,
respectively.
0
5
10
15
20
25
30
35
0
500
1000
1500
2000
2500
BPS Change - LHS 03 February 2023 - AWPLR (%) -RHS
-1000
-500
0
500
0
400
800
1,200
1,600
2,000
2,400
2,800
2/8/2017 2/8/2018 2/8/2019 2/8/2020 2/8/2021 2/8/2022 2/8/2023
CBSL Holdings T-Bill holding (Rs. bn) Excess Liquidity (Rs. bn) - RHS
AWPLR Change of selected LCBs (bps) 2022-2023

7. CT CLSA SECURITIES (PVT) LIMITED | A Member of the Colombo Stock Exchange 7
Balance of Payments forecast for 2023E and 2024E
* Outstanding payments to External Borrowers not adjusted for haircuts.
** IMF, World Bank and ADB
Source: CT CLSA
2023E
– US$mn
-4,066
2024E
– US$mn
-4,122
Trade Account –
Surplus/(Deficit)
Item
800 900
Services
3,506 4,607
Earnings from Tourism
3,900 4,500
Workers’ Remittances
-1,600 -1,600
Debt Servicing (Current)
2,540 4,285
Current Account - Net
250 500
Foreign Direct Investment
2,000 2,000
Multilateral Borrowings**
-5,862 -4,916
External Payments*
-3,612 -2,416
Financial Account - Net
-1,072 1,869
Balance of Payments -
Surplus/(Deficit)
-1% 2%
Balance of Payments as a % of
GDP
Balance of Payments

8. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 8
Tourism
Source: SLTDA, CT CLSA
Note 1: With the increased interests from key sourced markets in the near term, SL is expecting to achieve 1.9mn tourist arrivals for 2023E and 2.4mn for 2024E.
Tourist arrivals to Sri Lanka (SL) improved by +12% MoM to 102,545 arrivals for the month of
January 2023 (vs. 91,961 arrivals in December 2022), primarily due to resumption of
international airlines operations to SL coupled with removed travel barriers from key sourced
markets and resurgence in cruise ships segment operations in the industry.
Tourist Arrivals to Sri Lanka (No. of persons) – Last 12 Months
Tourist Arrivals (‘000) and Receipts from Tourism (US$ mn) – 2018 to 2024E
Tourist Arrival
Numbers for January
2023 is 102,545
Source: SLTDA
Top 5 Source Markets (No. of persons) – 2018 to 2022
Source: SLTDA
Near term tourism industry
operations in SL is expected to
grow significantly as air traffic to
Sri Lanka have risen with
multiple international airlines
operating in Colombo.
Overall, we assume the
frequency levels have reached
the pre-pandemic positions and
expect the momentum to
continue till April 2024.
-60%
-40%
-20%
0%
20%
40%
60%
0
20,000
40,000
60,000
80,000
100,000
120,000
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23
No. Tourist Arrivals YoY
0
1,000
2,000
3,000
4,000
5,000
0
500
1,000
1,500
2,000
2,500
3,000
2018 2019 2020 2021 2022 2023E 2024E
Tourist Arrivals - 000's Earnings from Tourism Industry - US$ mn - RHS
-
50
100
150
200
250
300
350
400
450
India UK Germany France Russia
2018 2019 2020 2021 2022

9. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 9
-3
-1
-8
-7
-1
-2
-8
-11
6
0
-3
-15
-10
-5
0
5
10
%MoM
26
44
53
113
42 48
25
40
28
130
56
0
25
50
75
100
125
150
175
200
%YoY
Prices on some food items continued to decline MoM in January 2023; Meat and fish prices rose
January 2023: MoM Price changes in select food items (%)
Source : Department Of Census And Statistics, CBSL
January 2023: CCPI Index
Colombo Consumer Price Index (CCPI) – January 2023
Source : Department Of Census And Statistics, CBSL
Overall Inflation
+54.2% YoY; +0.5% MoM
Food Inflation
+60.1% YoY; +0.6% MoM
Non-Food Inflation
+51.0% YoY; +0.3% MoM
December 2022: YoY Price changes in select food items (%)
Source : Department Of Census And Statistics, CBSL
However, some essential food prices are still up >50% YoY as of January 2023
100
120
140
160
180
200
220
240
260
244.2; +1.1 pts MoM
Inflation

10. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 10
Bloomberg Commodity Index
Source : Bloomberg
Source: Department Of Census And Statistics
Note: Petrol price was increased to Rs.400/litre from 01 Feb 2023 onwards. Litro Gas price was increased to Rs.4,743 per 12.5kg cylinder on 05 Feb 2023.
Fuel prices are still up >100% YoY although prices have declined in recent months
Type of Fuel
January 2023
Price/litre (Rs.) % YoY % MoM
Petrol (92 Oct) 370.0 +109.0 -
Diesel 409.3 +238.3 -3.2
Kerosene 358.3 +311.9 -1.8
Gas (12.5kg Litro) 4,488.0 +67.8 -1.1
- 5.6kg Kekulu White Rice
- 0.7kg Kekulu Samba White
- 7.5kg Kekulu Red Rice
- 0.3kg Kekulu Samba Red
- 4.9kg Samba Rice
- 1.1kg Nadu Red Rice
- 10.6kg Nadu White Rice
- 1.8kg Wheat
- 3.5kg Bread
- 2.3kg Mysoor Dhal
- 1.7kg Chicken
Average monthly household consumption on selected food items (Rs.)
Source: CT CLSA *As per the national household survey of 2019
- 0.4kg Balaya Fish
- 0.3kg Kelavalla Fish
- 27 Coconuts
- 2.6kg Big Onions
- 1.3kg Milk Powder
- 3.9kg Sugar
Basket of goods considered (family of four) *
CT CLSA: CCPI Forecast
Year
end
CCPI
Forecast
(%)
Forecast
revision
(pp)
Remarks
2023 8 -
• Current high YoY inflation levels are expected to reduce during
2023E primarily due to the higher base effect mainly in the second
half of the year.
• The easing of commodity prices in global markets is likely to
continue to alleviate some inflationary pressure in 1H2023E.
• Recent increases in fuel, gas and a possible increase in electricity
rates could result in MoM inflation continuing over the next few
months as well.
2024 6 -
Source: CT CLSA Research
Rs.13,685
Rs.20,416
Rs.20,108
10,000
14,000
18,000
22,000
26,000
50
75
100
125
150
Inflation

11. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 11
COPPER PRICES - LME 3 Month Seller – US$/MT CRUDE OIL PRICES – US$/Barrel
RUBBER PRICES - TPC 1X – Rs. / Kg TEA PRICES - National Average – Rs. / Kg
PALM OIL PRICES - FCPO – Spot Price MYR/MT GOLD PRICES - US$ / Ounce
Commodity Prices & Exchange Rates
Exchange Rates – LKR/Unit – Indexed
7000
8000
9000
10000
11000
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
60
80
100
120
140
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
WTI Crude Oil Brent Crude Oil
400
600
800
1000
1200
1400
1600
Jan-22 Apr-22 July-22 Oct-22 Jan-23
500
700
900
1,100
1,300
1,500
1,700
Jan-22 Mar-22 May-22 Aug-22 Oct-22 Jan-23
3000
4000
5000
6000
7000
8000
9000
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
1600
1700
1800
1900
2000
2100
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
90
110
130
150
170
190
210
Jan-22 Apr-22 Jul-22 Oct-22 Jan-23
EUR GBP HKD JPY SGD USD

12. A CT HOLDINGS GROUP AND CLSA GROUP COMPANY 12
Purchasing Manager's Index Index of Industrial Production
Worker Remittances (US$ Mn) Producer Price Index
Economic Indices & Energy Generation
Electricity Generation (GWh)
80
90
100
110
120
Sep-21 Dec-21 Mar-22 Jun-22 Sep-22
35
40
45
50
55
60
65
70
Mar-21 Oct-21 May-22 Dec-22
Manufacturing PMI Services PMI
200
300
400
500
600
700
2021 2022
100.0
140.0
180.0
220.0
260.0
Nov 21 Feb-22 May-22 Aug-22 Nov-22
0
100
200
300
400
500
600
700
800
Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Hydro
Coal
Fuel Oil
Wind

13. CT CLSA SECURITIES (PVT) LIMITED | A Member of the Colombo Stock Exchange 13
CT CLSA SECURITIES (PVT) LTD
A Member of the Colombo Stock Exchange
4-14 Majestic City, 10 Station Road, Colombo 4, Sri Lanka
General: +94 11 255 2290 to 2294 Facsimile: +94 11 255 2289
Email: info@ctclsa.lk Web: www.ctclsa.lk
A CT HOLDINGS GROUP AND CLSA GROUP COMPANY
Disclaimer: This document has been prepared and issued by CT CLSA Securities (Pvt) Ltd. on the basis of publicly available information, internally
developed data and other sources, believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts stated are accurate
and the opinions given are fair and reasonable, neither CT CLSA Securities (Pvt) Ltd. nor any director, officer or employee, shall in any way be
responsible for the contents. CT CLSA Securities (Pvt) Ltd. may act as a Broker in the investments which are the subject of this document or in
related investments and may have acted upon or used the information contained in this document, or the research or analysis on which it is
based, before its publication. CT CLSA Securities (Pvt) Ltd., its directors, officers or employees may also have a position or be otherwise interested
in the investments referred to in this document. This is not an offer to buy or sell the investments referred to in this document. It is not intended
to provide professional, investment or any other type of advice or recommendation and does not take into account the particular investment
objectives, financial situation or needs of individual recipients. Before acting on any information in this publication/communication, you should
consider whether it is suitable for your particular circumstances and, if appropriate, seek your own professional advice, including tax advice.
The markets in which CT CLSA Securities (Pvt) Ltd. operates may not have regulation governing conflict of interest over preparation and
publication of research reports (including but not limited to disclosure of perceived or actual conflict of interest) as may be found in more
developed markets. Please contact your investment advisor / analyst should you require further information over the relevant regulation and
particular disclosure over perceived or actual conflict of interest.
Contact Information
Trading & Sales
Lasantha Iddamalgoda
lasantha@ctclsa.lk
+94 11 255 2295
+94 77 778 2103
Dyan Morris
dyan@ctclsa.lk
+94 11 255 2320
+94 77 722 4951
Nithila Talgaswatte
nithila@ctclsa.lk
+94 77 340 4386
Dhammika de Silva
dhammika@ctclsa.lk
+94 77 356 2699
Arusha Michael
arusha@ctclsa.lk
+94 77 395 6765
Nuwan Madusanka
nuwan@ctclsa.lk
+94 76 858 9722
Ryan Jansz
ryan@ctclsa.lk
+94 77 547 9233
Rajitha Weerakoon
rajitha@ctclsa.lk
+94 77 320 4939
Anther Adrian
anther@ctclsa.lk
+94 77 775 8377
Research
Oshadha de Vas Gunasekara
oshadha@ctclsa.lk
+94 74 253 3364
Deshan Hettiwatte
deshan@ctclsa.lk
+94 11 255 2290
Stephenson Fernando
stephenson@ctclsa.lk
+94 11 255 2290
Kugaprasath Thilagaratnam
kugaprasath@ctclsa.lk
+94 11 255 2290
Kasun Herath
kasun@ctclsa.lk
+94 11 255 2290
Consultant / Sales
Rohan Fernando
rohan@ctclsa.lk
+94 11 255 2297
+94 76 778 2101