ECONOMYNEXT – Sri Lanka’s stock exchange rose 0.53 percent recovering some of the losses made yesterday, brokers said.
Stocks extend losses on May 7 following the local government polls as the ruling National People’s Power party failed to secure a ruling majority.
Colombo’s broader ASPI closed 84.32 points up, at 15,925.92 while the S&P SL20 of more liquid stocks ended 0.45 percent, or 21.01 points up, at 4,655.15 after a gradual growth in the session.
Turnover was 1.6 billion rupees.
Investor interest in banking shares re-surfaced after the Washington-based World Bank announced a billion US dollars in financing to help Sri Lanka’s recovery.
HNB closed up at 293.75 rupees, Sampath Bank ended higher at 109.50 rupees, Commercial Bank closed up at 137.25 rupees and DFCC Bank was up 106.00 rupees in the session.
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Turnover steeply declined to1.6 billion rupees from 3.2 billion rupees in the previous session while share volumes declined to 127,122,536 from 202,661,872.00 on May 07.
Sentiment surrounding export stocks worsened in the session leading some to trade negatively despite government promises to repeal the Prevention of Terrorism Act (PTA), a sticking point in ensuring the continuation of the GSP+ Preference scheme which allows duty free access for Sri Lankan goods into the European market.
Hayleys Fabric ended down at 42.00 rupees, Teejay Lanka was down at 46.40 rupees, Dipped Products closed down at 53.60 rupees, Hayleys Fibre fell to 49.50 rupees and Hayleys closed flat at 134.00 rupees while Haycarb rose to 82.00 rupees.
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Top contributors to the All Share Price index were Ceylinco insurance which closed higher at 3,098.00 rupees, Cargills (Ceylon) closed stronger at 497.00 rupees, Melstacorp ended higher at 134.00 rupees, Commercial Bank, and Aitken Spence up at 127.00.
Most active volumes were seen in National Lanka Finance at 40,658,319 (turnover 4,133,620.10 rupees), Union Bank at 10,150,853 (turnover 106,574,974.40 rupees), R I L Property at 10,107,597 (turnover 170,465,353.40 rupees), LVL Energy Fund at 6,167,086 (turnover 37,115,760.80 rupees).
In Asia, Pakistan halted its stock exchange operations for over an hour from 12.34 Pakistan time as the KSE 30 indices dropped over 5 percent. Trading resumed at 1.39 pm.
Pakistan’s KSE 100, KSE 30 and All Share Indices were trading below the 6 percent mark.
India’s Nifty 50 ended 0.58 percent lower at 24,273.80, while BSE Sensex fell 0.51 percent down at 80,334.81 after Pakistan’s defence minister Khawaja Asif warned the tension could develop into a nuclear war.
“Defence Minister Khawaja Asif has warned that if India escalates the tensions, it could lead to a nuclear war,” Pakistan’s The News newspaper said.
At 3.50 pm Sri Lankan time, spot gold was trading at 3,353.53 US dollars, down 18.58 US dollars.(Colombo/May08/2025)
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