News & market updates

The Sri Lanka Export Development Board has rescheduled Sri Lanka Expo to 14–17 January 2027 at BMICH citing geopolitical uncertainty. The event is expected to host about 750 local exporters and 1,500 international participants across apparel, tea, ICT, pharma, renewable energy and other sectors.

John Keells Holdings chair Krishan Balendra will lead a 19-member Sri Lankan corporate delegation to Mumbai for the India–Sri Lanka Business Forum on 13 May to engage Indian counterparts on trade, investment and partnerships. Sri Lanka and India have also discussed a proposed $450m post-conflict reconstruction package.

Colombo market closed lower as the ASPI fell 0.23% to 23,011.72 despite net foreign inflows of Rs. 597.5m; banking sector led turnover with large SEYB crossings and gains, while COMB, CINS, DFCC and Colombo Dockyard were among top negative contributors.

Colombo Stock Exchange closed lower: ASPI -0.23% to 23,011.72 and S&P SL20 -0.30%, with turnover Rs.4.92bn and banks leading at Rs.3.04bn. Movers included Melstacorp, Hemas and CDB up while Ceylinco Insurance, Commercial Bank, DFCC and Colombo Dockyard fell; Laugfs Power commissioned a 2MW mini-hydro and ACME proposed a capital reduction (EGM Jun 11).

FITIS re-elected Dr. Dayan Rajapakse as Chairman at its April 22 AGM; the new board will prioritize capacity building, infrastructure expansion and digital trust to drive Sri Lanka's Digital Economy 2030 agenda.

Five Sri Lankan ICT companies took part in an EDB–IPD European market exposure programme, participating at Hannover Messe and follow-up events in Berlin and Stockholm and securing multiple high-quality leads and follow-ups. The initiative, the second EDB–IPD collaboration, aims to boost exports and help Sri Lankan tech firms refine European market-entry strategies.

The Ceylon Chamber will lead a senior corporate delegation to Mumbai for the India–Sri Lanka Business Forum on 13 May 2026, with leaders from John Keells, Aitken Spence, Hayleys, Sierra Cables and Vidullanka among participants to engage Indian investors on trade and investment opportunities.

Prime Minister Harini Amarasuriya set a bilateral trade target of $1 billion with Vietnam by 2030. She highlighted Sri Lanka's economic recovery (5% real GDP growth in 2025, 2.36m visitor arrivals) and invited Vietnamese investment across manufacturing, tourism, IT and logistics.

Opposition Leader Sajith Premadasa welcomed Vietnamese President Tô Lâm to Parliament, praising Vietnam’s Doi Moi reforms and urging deeper bilateral cooperation in electronics, artificial intelligence and innovation-driven industries to bolster investment and economic ties.

Colombo market rose 2.28% for the week as the ASPI crossed 23,000, closing at 23,063.98. Top positive contributors were CINS, HAYL, DOCK, DIAL and HNB; turnover was ~Rs.4.1bn and foreign investors were net buyers of Rs.26.2m.

Sri Lanka's ASPI closed up 0.29% (66.12 points) at 23,063 after a volatile session that briefly breached 23,000. Hayleys and Dialog were top positive contributors, and Hatton Plantations said Durga Infra bought 10,245,384 shares and now holds 12.5%.

Sri Lanka and Vietnam set a target to increase bilateral trade to $1 billion by 2030. Discussions covered renewable energy, digital infrastructure/AI, manufacturing and agriculture; Vietnam donated 100 tonnes of fertilizer and new airline routes to Colombo are planned.

PayPal will launch in Sri Lanka on 15 May, initially enabling inward B2B payments to exporters with selected local banks appointed as agents. The rollout aims to formalise inward remittances and increase regulated foreign currency inflows under CBSL oversight.

The iPhone 17 was the world's best-selling smartphone in 1Q 2026, accounting for 6% of global shipments, according to Counterpoint Research. Apple placed four models in the top 10, while mid-range Android devices from Samsung and Xiaomi dominated the remainder of the list.

Sri Lanka will allow direct receipt of funds through PayPal into local bank accounts from May 15. The Central Bank and private banks finalized arrangements to remove legal and technical barriers, aiming to boost official foreign exchange inflows and enable regulated tax reporting.

SLT-MOBITEL is partnering with the University of Peradeniya to launch Sri Lanka’s first AI-integrated BSc Eng Honours in Electronic and Intelligent Systems Engineering, commencing August 2026. The programme includes a PFLOPS-class GPU cluster, industry internships and applied research.

Unisys integrated Sri Lanka-based Fits Cargo into its Cargo Portal Services, expanding global air freight route options and booking capabilities for freight forwarders and adding Expedite All's US ground network for last-mile delivery. CPS serves more than 33,000 freight forwarding users, enabling pricing, booking and tracking in one portal.

US dollar rose above Rs.320 today, mid-rate at Rs.320.45 (buy Rs.317.26, sell Rs.324.87); CBSL reports the rupee has depreciated about 2.9% against the USD as of April 30, 2026.

The Cabinet designated six firms as Businesses of Strategic Importance under the Colombo Port City Economic Commission, expected to attract $14.6m in FDI over five years and create about 650 jobs. The firms will operate across IT, logistics, consultancy, public utilities, infrastructure and maritime technology and receive incentives under the law.

Asian stocks rose to record highs as hopes of a Middle East peace deal spurred risk-on buying and sent oil down around 8%, while the U.S. dollar slipped and the yen remained in focus amid intervention speculation.

China has retooled its Belt and Road Initiative, with deals linked to the programme reaching a record $213 billion in 2025. The revamp emphasizes smaller projects, greater equity stakes (about 40% by 2025) and 'soft connectivity' to export standards, services and digital systems abroad.

Sri Lanka and Türkiye held their second political consultations in Ankara on May 5, focusing on defence and security cooperation and exploring expanded investments and joint ventures in pharmaceuticals, renewable energy, tourism, logistics and technology. They also discussed connectivity, maritime cooperation and education links.

SLT‑MOBITEL served as the Bronze Communications Partner and broadcast the New Zealand U85kg Rugby Tour of Sri Lanka 2026 live via PEOTV (matches on 25 Apr and 3 May; New Zealand won 27–16 and 25–10). The sponsorship and live HD broadcasts highlight SLT‑MOBITEL’s role in sports broadcasting and digital services.

Colombo Stock Exchange closed up 1.13% as the ASPI rose 258.09 points to 22,997 with turnover of Rs 5.28 billion and materials leading turnover (Rs 1.38bn). SMB Finance announced CEO Supul Chamikara Wijesinghe will resign effective June 3.

Asian stocks jumped to record highs (MSCI Asia-Pacific ex-Japan +2.3%) as AI-driven buying and signs of progress toward a U.S.-Iran agreement boosted risk appetite; Brent crude fell about 1.2% to $108.51/bbl. Tech and semiconductors led gains while the dollar eased.

Cabinet approved the Sri Lanka National Export Development Plan 2026-2030, targeting $36 billion in export earnings by 2030. The plan was prepared by the Export Development Board with ADB technical assistance to guide and monitor export competitiveness.

Cabinet Spokesman Dr. Nalinda Jayatissa said the international tender for personalised e-passports to the Department of Immigration and Emigration remains under evaluation and has not been finalised. He added eight foreign companies submitted bids and the Procurement Committee will decide per guidelines.

ASPI fell 0.49% (110.70 pts) to 22,584.30 as Middle East tensions dented sentiment; turnover was over Rs.2.1bn and foreigners were net sellers of Rs.42m. CINS, CTHR, HHL and SAMP were top negative contributors while COMB, LFIN, PKME, ACL, REEF, GRAN and JKH featured among active names.

Tempest PE Partners completed three deals: a minority investment in Acentura (enterprise software), a majority acquisition of The Grand Surf Hotel (leisure/beach club) and a RM30m raise for Malaysian-listed PTT Synergy to scale smart warehousing. Tempest will play an active advisory role supporting governance, KPIs and regional expansion.