Economy

Colombo stock market soars to two year high

Published

2 years ago

April 26, 2024

The Colombo stock market surged yesterday, propelling the main index to a two-year high.

The benchmark All Share Price Index (ASPI) gained by 1.4% or 170 points, closing at 12,075 points, its highest level since February 2022. The S&P SL20 also saw a notable increase of 2.8%, or nearly 100 points. Total turnover amounted to Rs. 3 billion, involving 142 million shares.

According to Asia Securities, the market initially experienced a downturn but quickly reversed course, ending the day on a high note. The banking sector led the upward momentum, driven by market expectations of provisions reversal, with leading banks such as COMB, PABC, SAMP, and DFCC showing significant gains. Additionally, heightened investor activity was observed in stocks like SINS, LOLC, JKH, and RCL.

COMB, HNB, and SAMP were the main contributors to the ASPI’s upward movement. Turnover was led by COMB, BIL, and LOFC.

Foreign investors recorded a net outflow, with notable activity in COMB.N and TKYO.X.

First Capital noted the market’s continued positive momentum, with the ASPI reaching its highest level since February 2022. Investor sentiment remained strong, particularly in the banking and conglomerate sectors, leading to robust turnover. The materials and food, beverage, and tobacco sectors also contributed significantly to turnover.

NDB Securities highlighted high net worth and institutional investor participation in banks like Pan Asia Banking Corporation and Commercial Bank. Mixed interest was observed in various stocks, with the banking sector emerging as the top contributor to market turnover. Browns Investments and LOLC Finance were among the top turnover contributors, while Singer Sri Lanka witnessed a notable increase in share price.

Overall, the market maintained an optimistic trajectory, buoyed by positive investor sentiment, particularly in the banking sector.

Economy

Sri Lanka’s export earnings surpass USD 7.3 bln in first five months of 2026

Published

7 hours ago

June 24, 2026

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Sri Lanka’s export sector has recorded significant growth during the first five months of 2026, with total export earnings exceeding the USD 7.3 billion mark.

According to provisional data released by Sri Lanka Customs, together with estimated figures for gems and jewellery and petroleum product exports, total earnings from merchandise and service exports between January and May 2026 amounted to an estimated USD 7,393.39 million. This represents a 7.56% increase compared to the corresponding period in 2025.

During the same period, merchandise export earnings increased to USD 5,758.44 million, recording a growth of 7.63% year-on-year.

The service exports sector also showed positive performance, generating USD 1,634.95 million in revenue, reflecting a 7.31% increase compared to the previous year.

Meanwhile, in May 2026 alone, merchandise exports recorded a growth of 18.25%, while service exports increased by 18.67% compared to the same month in the previous year.

Economy

Cabinet approves electrification of key railway corridors in Sri Lanka

Published

21 hours ago

June 24, 2026

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The Cabinet of Ministers has approved a proposal to electrify key railway corridors in Sri Lanka as part of a long‑term transport modernization strategy.

Corridors with high commuter density have been prioritized for electrification, with support expected from international development institutions.

Currently, most railway operations rely on diesel power, and officials have highlighted the need to upgrade tracks, signaling systems, and related infrastructure to improve efficiency and reliability.

The government’s new programme focuses on constructing additional lines, building double tracks, modernizing signals, and introducing electrification to create a modern rail transport system.

According to the government, the initiative aims to expand passenger capacity, reduce travel times, and contribute to an environmentally friendly and sustainable public transport service.

The Cabinet approved the proposal presented by the Minister of Transport to begin electrification in the following routes:

Main Line — Maradana to Ragama, including station upgrades at Gampaha, Veyangoda, Mirigama, and Polgahawela.

Kelani Valley Line — Maradana to Makumbura.

Coastal Line — Maradana to Panadura

Economy

Sri Lanka Exports Rise 6% Despite Global Challenges

Published

3 days ago

June 21, 2026

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Export Development Board (EDB) says that despite the global economic difficulties arising from the military conflicts in the Middle East, the country’s exports have shown a six percent growth during the first four months of this year compared to 2025.

The Chairman of the Export Development Board Mangala Wijesinghe said that, given this trend, there is a strong possibility of exceeding last year’s revenue targets, which already represented the highest export revenue in the country’s history.