Sri Lanka shares jump 2.75-pct on lower oil prices, US election tariff hopes

EconomyNext reports that the Colombo Stock Exchange closed higher on Tuesday, with its All Share Price Index rising 2.75%, or 592.02 points, to 22,123.39. The more liquid S&P SL20 gained 3.66%, adding 224.97 points to finish at 6,368.12.

EconomyNext reports that NDB Securities research and strategy head Raynal Wickremeratne attributed improved market sentiment partly to lower oil prices and a recovery in global sentiment. He said oil costs have a particularly strong bearing on Sri Lanka. EconomyNext also reports that he cited investor hopes that changes in the balance of power in the US House and Senate could bring adjustments to US trade tariffs, potentially easing pressure on emerging markets facing substantial US tariffs.

EconomyNext reports that Vallibel One, Dialog Axiata, Commercial Bank of Ceylon, Hayleys and Hatton National Bank were among the main positive contributors. Softlogic Life Insurance, Softlogic Capital, Ambeon Holdings, LOLC Finance and Ceylon Cold Stores were among the leading negative contributors.

EconomyNext reports that turnover totalled 7.96 billion rupees, with the banking sector accounting for 2.03 billion rupees. The outlet also reports several large crossings, led by Dialog Axiata at 800 million rupees and Commercial Bank of Ceylon at 309 million rupees, followed by John Keells Holdings, Swisstek, Commercial Credit and Finance, and CAL Closed End Fund; the report text supplied ends before giving the final crossing details.