Sri Lanka’s stock market opened sharply lower on Friday, continuing its downward trend for the second consecutive day, with the market shedding over 300 points by mid-morning.
The All Share Price Index (ASPI) dropped 362.66 points, or 2.32%, to 15,294.94, while the S&P SL20 index fell 125.95 points, or 2.71%, to 4,517.37.
A key factor influencing the market’s decline is the recent executive order by US President Donald Trump, imposing a 44% tax on Sri Lanka, citing reciprocal actions due to the taxes and trade barriers Sri Lanka has placed on the US.
Several major stocks also took a hit, including Commercial Bank, which dropped 3.07% to 134.00 rupees, Sampath Bank down 3.09% at 109.75 rupees, and LOLC Holdings, which saw a 4.12% decrease to 570.00 rupees. Other notable declines included HNB, John Keells Holdings, and Hayleys, along with various other companies such as Hela Apparel Holdings, Teejay Lanka, and Haycarb.