ECONOMYNEXT – Sri Lanka All Share Price Index ended 0.33 percent stronger recovering its losses from the previous session, while the S&P SL20 fell 0.12 percent.
Colombo’s broader ASPI closed 51.80 points up, at 15,851.74, while the S&P SL20 of more liquid stocks ended 5.37 points lower to close at 4,638.29 after a highly volatile session.
Sentiment surrounding banking stocks was mostly negative.
HNB closed down at 293.00 rupees, Sampath Bank closed down at 108.50 rupees, Commercial Bank closed down at 136.00 rupees, and NDB closed down at 103.50 rupees. DFCC Bank closed up at 105.00 rupees.
Pan Asia Banking Cooperation ended up at 37.50 rupees, and NTB Bank (closed up at 190 rupees.
John Keells Holdings, the top negative contributor to the ASPI in the day, was down at 20.30 rupees.
US buyers have commenced talks on sharing the Trump tariff in April, Sri Lankan exporters said.
“There have been conversations as early as the Avurudu week,” Hasitha Premaratne, Managing Director & Chief Strategy and Transformation Officer at Brandix said at a forum organized by the Sri Lanka US Business Council of the Ceylon Chamber of Commerce.
“Most of the buyers are planning to pass down the US “Liberation day” tariff along the supply chain. This could affect our margins,” Premaratne said as exporters are also likely to pass some of the cost along the supply chain.
Export stocks also saw mixed sentiment in the session.
Hayleys closed up at 134.00 rupees, Hayleys Fabric ended up at 42.90 rupees, Teejay Lanka was down at 47.00 rupees, while Dipped Products closed down at 53.20 rupees, and Haycarb fell to 81.90 rupees.
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US buyers in talks with Sri Lanka exporters to share Trump tax
Turnover grew to 5.9 billion rupees in the session from 2.3 billion rupees previously. Share volumes fell to 77,263,236 from 124,798,168.00.
The global trade war has seen some optimism as China said it is “assessing” the possibilities of trade talks with the US administration.
“There was a bit of turbulence in between but I think this is win-win for both sides,” US Treasury Secretary Scott Bessent told FOX Business on Friday.
In Asia, interest in defence stocks rallied in the Indian market as Indo-Pakistan tension soared.
“The recent rally in the defence stocks is driven by new orders which some companies such as HAL and Bharat Electronics Ltd are receiving,” Anil R, Senior Research analyst, Geojit Investments Ltd told The Indian Express.
Pakistan stocks have plummeted after investors regained confidence following calls from the US and the United Nations for de-escalation in Indo-Pakistan tension over the Kashmir attack, Arab News Pakistan said.
“Stock analysts attributed the bullish sentiment to calls from the UN, US and other countries to de-escalate tensions between the two countries and offers to mediate the crisis,” Arab News Pakistan said.
Pakistan Stock Exchange’s KSE 100 index was trading 2.31 percent higher at 113,901.46, while neighbouring India’s Nifty 50 closed 0.051 percent up at 24,346.70 and BSE Sensex ended 0.32 percent stronger at 80,501.99. (Colombo/May2/2025)
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