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Home Business & Finance Economic Policies

Sri Lanka think tank calls for global multilateral alliance to respond Trump’s tariff todayheadline

April 11, 2025
in Economic Policies
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ECONOMYNEXT – Sri Lanka stocks dropped 0.28 percent following the announcement of the 90-day pause of the US “Liberation day” tariffs, brokers said, and ahead of the long holiday.

“There is uncertainty in the market because of the 90-day pause,” Dimantha Mathew, Chief Research and Strategy Officer at First Capital Holdings PLC told EconomyNext. “Volumes are slightly declining.”

“We [Sri Lanka] don’t have a choice but to come up with a better agreement,” Mathew said.

“We need to come on par with the region – at least 30 percent instead of the 44 percent. As long as we land closer to our regional competitors, the market will be largely okay.”

The broader ASPI closed down 0.28 percent on Friday, or 42.19 points down, at 15,538.64. The market briefly reversed some losses over the session. However, the selling pressure remained.

The more liquid S&P SL20 closed down 0.52 percent, or 26.00 points at 4,617.63.

Turnover was 1.5 billion rupees.

Banks were on the firing line.

HNB traded 0.5 percent down at 300.00 rupees, DFCC Bank ended 1.2 percent weaker at 104.50 rupees, Sampath Bank closed 1.3 percent down at 111.25 rupees, and National Development Bank closed 1.9 percent lower at 104.25 rupees.

Top negative contributors to the ASPI were Sampath Bank, NDB, Malwatte Valley Plantations (ended 11.4 percent down at 52.10 rupees), DFCC Bank and Hayleys (closed 1.1 percent at 134.50 rupees).

“Construction sector counters are largely stable compared to others,” Mathew said.

Chevron Lubricants closed 0.72 percent up at 140.00 rupees, CIC Holdings traded 0.21 percent up at 117.50 rupees and Alumex ended 1.3 percent stronger at 15.20.

Sri Lanka’s risky asset market will likely follow global trends, brokers said.

It has been a choppy week for European and global markets as investors have been reacting to the frequent developments in global trade policy that were set off by US President Donald Trump’s latest tariff plans, foreign media reported.

Tokyo’s Nikkei 225 fell 2.9 percent to 33,585.58, France’s CAC 40 was trading 0.2 percent weaker at 7,110.06, while South Korea’s Kospi closed 0.5 down at 2432.72 on Friday.

However, India’s BSE Sensex closed 1.8 percent stronger at 75,157.26 while the Nifty 50 rose 1.9 percent to 22,828.55. (Colombo/Apr11/2025)


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Tags: AlliancecallsChinaGlobalLankamultilateralrespondSriSri LankatanktarifftodayheadlineTrumpsUS
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