Tuesday Mar 10, 2026
Tuesday Mar 10, 2026
Tuesday, 10 March 2026 00:26 - - {{hitsCtrl.values.hits}}
The Colombo stock market yesterday opened the week in panic mode on the back of global oil prices surging above 25% to $ 115 a barrel driven by the Mideast conflict.
The ASPI plunged 3.51% or 797.77 points to 21,904.14, the lowest since 22 December 2025 and the active S&P SL20 was down 3.65% or 231.89 points to 6,128.86.
The ASPI has now dropped more than 2,000 points since peaking above 24,000 points during intra-day trading on 19 February.
The panic that gripped the Colombo Stock Exchange (CSE) was notwithstanding Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe’s reassurances to Bloomberg that the economy was better placed to absorb oil price hikes.
Turnover was above Rs. 5.8 billion on nearly 198 million shares traded. Foreign investors remained net sellers, posting a net outflow of Rs. 6.1 million.
First Capital Research attributed the plunge to rising oil prices and global uncertainty dampening sentiment on an otherwise fundamentally sound market.
It said growing global uncertainty caused by escalating conflict in the Middle East has pushed global crude oil prices higher and in response, investor concerns increased and major global stock markets traded in the red throughout the day.
Market breadth remained negative, with 260 counters declining, exerting downward pressure on the index. The losses were primarily driven by banking and blue-chip stocks, led by COMB, HNB, JKH, SAMP, and CTHR. Selling pressure was primarily driven by retail investors, while HNW investor participation remained subdued.
The Banking sector led the daily turnover with a share of 32%, followed by the Capital Goods and Food, Beverage and Tobacco sectors collectively contributing 32%.
Asia Securities Research said the broad-based decline was primarily led by JKH (-4.3%), AEL (-4.2%), COMB.N (-4.1%), HNB.N (-3.8%), HAYL (-3.6%), SAMP (-3.4%), and ACL (-3.1%). Turnover was led by COMB.N (Rs. 719 million), SAMP (Rs. 577 million), and ACL (Rs. 246 million).
COMB.N (-48 points), HNB.N (-46 points), and JKH (-46 points) were the largest laggards on the ASPI movement. Market breadth was negative, with six price gainers and 262 price decliners.
NDB Securities said high net worth and institutional investor participation was noted in Commercial Bank, ACL Cables, and Colombo Dockyard. Mixed interest was observed in Sampath Bank, Lanka IOC, and John Keells Holdings, whilst retail interest was noted in Co-Operative Insurance Company, Industrial Asphalts, and LOLC Finance.
The Banking sector was the top contributor to the market turnover due to Commercial Bank and Sampath Bank, while the sector index lost 3.45%. The share price of Commercial Bank decreased by Rs. 8.75 to close at Rs. 205.25 and Sampath Bank lost Rs. 5.25 to end at Rs. 150.25.
The Capital Goods sector was the second highest contributor to the market turnover due to ACL Cables and John Keells Holdings, while the sector index decreased by 3.82%. The share price of ACL Cables moved down by Rs. 3 to close at Rs. 94.6 and John Keells Holdings recorded a loss of Rs. 0.90 to end at Rs. 20.10.
Lanka IOC was also included amongst the top turnover contributors. The share price of Lanka IOC appreciated by Rs. 1.75 to close at Rs. 148.75.
