Sri Lankan Stocks Decline as Financials Dip

Sri Lankan equities concluded Wednesday’s trading session in negative territory, marking the end of a four-day winning streak. The downturn was primarily fueled by a decrease in the value of financial sector shares.

The CSE All Share index concluded the day with a 0.42% decrease, settling at 15,799.94. Notably, the index recorded its third consecutive month of losses in April.

Insurance stocks experienced a decline of 1.25%, while financial services stocks decreased by 1.16%, and banking stocks edged 0.88% lower.

Nation Lanka Finance and Serendib Land recorded the most significant percentage losses on the CSE All Share, plummeting 50% and 5.2%, respectively.

The island nation’s deputy finance minister clarified that Colombo has not presented a specific tariff proposal to the U.S.

Trading volume on the CSE All Share index increased to 124.8 million shares, compared to 109.5 million shares during the previous session.

The equity market’s turnover increased to 2.38 billion Sri Lankan rupees (equivalent to $8 million) from 2.07 billion rupees in the prior session, based on exchange data.

Foreign investors became net sellers, divesting stocks valued at 244 million rupees. Conversely, domestic investors emerged as net buyers, acquiring shares worth 2.22 billion rupees, according to the data.