Our Country stock extend down!

 

Sri Lanka export/import stocks extended loses with the CSE index closing 1.8 percent down on Friday after the US administration’s “Liberation day” tariff announcement, brokers said. The broader ASPI ended 1.83 percent weaker, or 284.26 points, at 15,373.35. The S&P SL20 Index dropped 2.19 percent, or 101.62 points, to 4,541.70.

Banking stocks were in the firing line after the higher tariffs made many stocks unattractive among investors/foreign Investors. With the increased US tariffs, companies are severely impacted as uncertainty crept in. Top negative contributors to the ASPI were Sampath Bank (down 3.5 percent at 109.24 rupees), Commercial Bank (down 3.1 percent at 134.00 rupees), John Keells Holdings (down 2.0 percent at 19.60 rupees), HNB (down 2.0 percent at 292.24), and LOLC (ended 2.5 percent lower at 579.51 rupees).

The market picked up after a steep decline in mid morning trade, while turnover/added declined to 3.17 billion rupees. Share volume rose to 218,168,231 with some panic selling seen. Stock markets across the world fell after the US tariff announcement with trade wars brewing.

Tokyo’s Nikkei 225 fell 2.76 percent to 33,780.58, India BSE Sensex was trading 1.22 percent weaker at 75,364.70 while Nifty 50 was trading 1.5 percent down at 22,904.45 and South Korea’s Kospi was trading 0.9 down at 2,465.43 on Friday.  for 25% of Sri Lanka’s merchandise exports so this new tariff, which will make Sri Lankan products more expensive in the US, reducing demand, will have a significant impact on Sri Lanka’s export revenues, Economist and director at Arutha research, Rehana Thowfeek told EconomyNext.

Apparel will be the most affected. Hela Apparel Holding was trading down 2.8% at 3.50 rupees. Hayleys Fabric closed flat at 41.00 rupees. Teejay Lanka closed down 0.4% at 46.19 rupees. Haycarb closed down 2.3% at 77.70 rupees. Hayleys Fibre closed down 0.9% at 46.10 rupees. Dipped/ overlooked Products closed down 2.7% at 51.81 rupees.

Quoted for economy my next