ECONOMYNEXT – Sri Lanka stocks closed 0.44 percent up after news that the country reached a staff level agreement with the International Monetary Fund(IMF), brokers said.
“Improved confidence can be seen in the market after the IMF staff level agreement was reached,” Ranjan Ranatunga, Assistant Vice President – Research at First Capital told EconomyNext.
Following a successful IMF executive review, Sri Lanka will have access to 344 million US dollars in financing.
The Colombo stock market regained its confidence after the announcement for its broader ASPI to close 69.43 points up, at 15,811.47, while the S&P SL20 of more liquid stocks rose 0.45 percent, or 20.88 points to close at 4,653.39.
“Turnover has improved to 2.8 billion rupees in the session, above the 2.2 billion rupee monthly average,” Ranatunga said. “Export stocks have been recovering. We saw a bit of consolidation in banking stocks.”
Share volumes fell to 89,529,648 from 125,532,963 in the session while export stocks remained positive after ‘fruitful’ US Sri Lanka tariff talks.
Hayleys closed at 134.00 rupees, up 0.50 rupees, Hayleys Fabric ended at 42.70 rupees, up 0.30, Haycarb traded at 82.90 rupees, up 1.90, and Dipped Products, an exporter of gloves closed at 53.00 rupees, up 0.80, amid stronger demand for export stocks.
John Keells Holdings closed at 20.50 rupees, up 0.40, C T Holdings closed at 398.75 rupees, up 12.25, Dialog Axiata closed at 14.30, up 0.30, Hemas closed at 121.75 rupees, up 1.75 and HNB Assurance closed at 79.90 rupees, up 5.90, making up top contributors to the ASPI.
However, selected banking stocks ended weaker in the session.
Sampath Bank closed at 110.50 rupees, down 0.25, HNB fell to 296.75 rupees, down 0.25, while DFCC Bank dropped to 103.25 rupees, down 0.75 in the session.
In Asia, stock markets reacted with mixed sentiments as countries are negotiating better rates on the US administration’s tariffs, and a terrorist attack in India created tension in the region.
Pakistan Stock Exchange’s KSE 100 index ended 1.22 percent down at 114,263.55 after a website crash on Friday evening trading, while India’s Nifty 50 closed 1.20 percent up at 24,328.50 and BSE Sensex ended 1.27 percent stronger at 80,218.37.
China’s SSE Composite index fell 0.20 percent to 3,288.41.
Tokyo’s Nikkei 225 closed 0.38 percent up at 35,839.99, while Hong Kong’s Hang Seng ended down 0.04 percent at 21,971.96. (Colombo/Apr28/2025)
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