ECONOMYNEXT – Sri Lanka stocks rallied 0.46 percent Thursday ending two days of slides, after President Anura Kumara Dissanayake said tariff talks with the the US was productive, brokers said.
“Market is picking up a bit with the negotiations starting,” Dimantha Mathew, Chief Research and Strategy Officer at First Capital Holdings PLC told EconomyNext.
“We are not sure whether it is sustainable.”
The Colombo Stock Exchange’s broader ASPI closed 71.64 points stronger at 15,615.63, while the more liquid S&P SL20 was 0.36 percent, or 16.37 points up at 4,608.44.
Sri Lankan delegation had on April 22 on addressing 44 percent tax imposed on Sri Lanka.
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Sri Lanka’s tariff discussions with U.S. fruitful: President
However, Sri Lanka’s stocks with export exposure traded slower in the session.
“Export stocks are not really moving much – stagnant” Mathew said. “Some buying interest across the border can be seen,” Mathew said. “Confidence levels are slightly coming in.”
John Keells Holdings was up 0.5 percent at 20.00 rupees, Hayleys closed 1.92 percent stronger at 132.50 rupees, Hayleys Fabric rose 1.22 percent to 41.50 rupees, Haycarb traded 0.89 percent up at 79.50 rupees and Dipped Products, an exporter of gloves grew 3.70 percent to 50.40 rupees
Sri Lanka’s Colombo stock market was following global trends following the Trump tariff announcement on April 2. However, investors have shifted from recreating the trends here after the president Anura Kumara Dissanayaka’s comment on Wednesday.
Global markets weakened as uncertainty around US tariffs and terrorist attacks pulled the market down.
India’s Nifty 50 dropped 0.34 percent, or 82.25 points, at 24,246.70 while BSE Sensex fell 0.39 percent, or 315.06 points, at 79,801.43 as the government the country escalated a diplomatic offensive against Pakistan following an attack in Kashmir.
Pan-Europe’s Stoxx 600 index was trading 0.15 percent down at 515.98 and Hong Kong’s Hang Seng ended down 0.74 percent at 21,909.76.
Turnover was 1.4 billion rupees while the share volumes fell to a 54,748,168 from 38,475,892 in the previous session.
Top contributors to the ASPI were Browns Investments (closed 4.05 percent stronger at 7.70 rupees), Ceylinco Holdings (ended 1.67 percent up at 3,050.00 rupees), Hayleys Plc, Melstacorp (up 0.79 percent to 127.50 rupees) and PGP Glass (grew (5.64 percent to 41.20 rupees).(Colombo/Apr24/2025)
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