CSE slides as investors await USA tariff decision

By Almas Equities Research 

The Colombo Stock Exchange (CSE) closed the trading day on a negative note. As the new week commenced, the market experienced a decline, with investors engaging in profit-taking throughout the session. This was primarily driven by anticipation surrounding the upcoming announcement on reciprocal tariffs, expected later tonight, as indicated by U.S. President Donald Trump. Investors are closely monitoring the situation, as the potential tariffs imposed on Sri Lanka are expected to have a significant impact on the country's economy, depending on the announced rates.

The ASPI declined points 106.14 , or 0.58%, to close at 18,042.20. Smilarly, the S&P SL20 Index declined by 26.04 points, or 0.49%, ending the session at 5,339.99. Total market turnover amounted to LKR 2.42 billion, with 153.84 million shares traded. Market breadth reflected a negative sentiment, with 75 gainers and 136 losers contributing to the overall movement of the ASPI.

Teejay Lanka PLC (TJL.N) emerged as the top contributor to the ASPI, adding 3.76 points, while Melstacorp PLC (MELS.N) was the largest detractor, subtracting 13.38 points. The Capital Goods Sector led sectoral turnover with LKR 0.563 billion, accounting for nearly 23% of total market turnover.

Crossing transactions contributed marginally to the day’s overall market turnover, accounting for approximately LKR 0.162 billion, or around 7% of total trading activity. The most notable crossing was recorded in Sampath Bank PLC, with a transaction valued at LKR 125 million transacting 1.0 million shares.