ECONOMYNEXT – Sri Lanka’s stocks continued to surge even after US President Donald Trump announced a 30 percent tariff on goods from the island, with the All Share Price Index (ASPI) hitting 18,838.
The ASPI gained 1.60 percent, or 297.13 points, after recording a dip in midday trade; while the S&P SL20 moved 3.05 percent, or 167.15 points higher, to 5,653.
The US has announced a 30 percent tariff on all exports to the country effective from August 1.
Sri Lanka has been hit with a lower tariff rate compared to regional competitors Bangladesh and Cambodia.
However, the shock to Sri Lanka from Trump’s tariffs is too early to assess, Central Bank Governor Nandalal Weerasinghe said.
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The ASPI was pushed up by John Keells Holdings, which ended 1.00 rupees higher at 25.20; Sampath Bank, which rose 5.50 rupees to 138.00; HNB, which ended 11.25 rupees stronger at 358.00; Melstacorp, which moved 5.50 rupees to 153.50; and Commercial Bank, which climbed 4.50 rupees to close at 168.00.
Turnover rose to 9.49 billion rupees on Monday, while the share volume was 520,331,908.
Investor sentiment surrounding stocks with export exposure remained mixed on Monday.
Teejay Lanka fell 0.10 rupees to 48.50, Hayleys moved 3.00 rupees higher to 174.00, Hayleys Fiber was flat at 49.80 while Hayleys Fabrics was 1.10 rupees down at 45.30, and Haycarb, a exporter of activated carbon rose 1.80 rupees to 91.10.
Some equity markets in the region fell following concerns over US tariffs affecting the global economy.
Japan’s Nikkei 225 declined 0.28 percent, or 110.06 points, from Friday at 39,459.
The losses were limited with the hope of tariff talk progression between Japan and the US, Japan’s The Mainichi newspaper said.
However, South Korea’s Kospi index and Pakistan’s KSE 100 index were seen trading positively among many others.
KSE 100 index was 1.64 percent higher at 136,502, while Kospi climbed 0.83 percent to close at 3202.
As at 4.12 pm Sri Lankan time, spot gold was trading at 3,385.29 US dollars, up 22.38 US dollars. (Colombo/Jul14/2025)
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