FINANCIAL CHRONICLE – The Colombo Stock Exchange in Sri Lanka experienced a midday increase of 3.17 percent on Monday, spurred by Pakistan’s announcement regarding a deal between the United States and Iran, according to stock market brokers.
Ranjan Ranatunga, Assistant Vice President of Research at First Capital, noted that the positive outlook was evident across all sectors.
Leading the market surge were banks, with Sampath Bank rising by 6.50 rupees to reach 146.25, Commercial Bank increasing by 7.25 rupees to 209.50, and Hatton National Bank gaining 9 rupees to hit 405, all of which significantly contributed to the increase in the All Share Price Index (ASPI).
The ASPI saw an uptick of 684.90 points, bringing it to 22,322, while the S&P SL20 experienced a rise of 3.52 percent, or 211.94 points, reaching 6,238. The total turnover for the day was recorded at 1.81 million rupees.
Pakistan, acting as a crucial intermediary in the negotiations, announced that the US and Iran have come to a preliminary agreement aimed at ceasing “military operations on all fronts.” This framework deal is set to be formalized on Friday in Switzerland.
US President Donald Trump commented on the significance of the agreement, stating, “This Great Deal will bring Peace and Security to the whole Region. Many presidents have attempted to establish Peace with Iran, and all have failed before me. For the first time, the Leaders of the Region have found a President who can genuinely aid them in achieving true Peace. Following the signing of the Deal on Friday, the Strait will be reopened for mine removal, allowing oil to flow freely through the Region and the World!”
