ECONOMYNEXT – Sri Lanka’s stocks closed down 0.06 percent amidst an extended holiday period in the island nation, and as the US-China trade war continued.
The Colombo Stock Exchange’s broader ASPI closed down 9.31 points at 15,616.57, while the more liquid S&P SL20 closed down 0.44 percent, or 20.25 points, at 4,624.24.
Turnover was 841 million rupees.
Banking shares (148 million rupees in turnover) tumbled in the session with the growing uncertainty.
Sampath Bank closed 1.1 percent weaker at 110.75 rupees, Commercial Bank ended 0.1 percent down at 139.00 rupees, and HNB closed 0.1 percent down at 299.00 rupees.
Diversified financials (147 million rupees in turnover) also closed down following the downward trend.
Share volumes grew to a 33,336,512 from 32,233,539 in the previous session.
A foreign outflow of 2 million was recorded in the session.
On Wednesday, the US administration slapped a 245 percent tariff on Chinese imports.
“China’s Ministry of Foreign Affairs has said it will pay no attention to United States President Donald Trump’s “tariff numbers game” after the White House suggested Chinese exports are facing tariffs of up to 245 percent,” foreign media reported.
US trade ally Japan failed to win a deal after tariff talks in the US, creating more uncertainty in global markets.
“Japan on Wednesday failed to secure any immediate relief from US tariffs, with Prime Minister Shigeru Ishiba saying after his envoy held talks in Washington that future negotiations “won’t be easy”,” foreign media reported.
However, Tokyo’s Nikkei 225 rose 1.35 percent to 34,377.60, with Trump announcing “A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!” on social media platform Truth social, Thursday.
France’s CAC 40 was trading 0.71 percent weaker at 7,278.28, while South Korea’s Kospi closed 0.94 up at 2,470.41 and India’s BSE Sensex ended 1.96 up at 78,553.20 on Thursday.
California governor Gavin Newsom is suing the federal government of the United States for upending global trade. (Colombo/Apr17/2025)
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