News & market updates

John Keells' auto arm (JKCG) is offering customers BYD Sealion plug-in hybrids or refunds after Sri Lanka Customs detained around 2,000 BYD EVs in a dispute over motor-capacity taxation; JKCG has called for independent accredited testing and set refund/switch deadlines and fees.

Colombo stock market opened the week higher as the ASPI rose 0.36% (77.31 pts) to 21,676.20, led by plantation counters and conglomerates; turnover was about Rs.4.2bn and foreigners were net sellers of Rs.15.6m.

Colombo stocks rose on Monday with the ASPI up 0.36% (77.31 points) as retail buying lifted plantation and some manufacturing shares; top contributors included Carson Cumberbatch, Melstacorp, John Keells, Namunukula and Watawala.

John Keells Holdings chair Krishan Balendra will lead an 18-member Sri Lankan business delegation to Japan later this month for a Business Forum and targeted B2B sessions to boost trade and investment. The delegation will also take part in 'Sri Lanka Day' at Expo 2025 Osaka.

The ASPI closed at 21,599, rising 0.36% (78 points) on the day and finishing the week up 2.4% (S&P SL20 up 1.9% for the week). Turnover was Rs.6.02bn yesterday (week avg daily Rs.7.11bn); capital goods led turnover and top contributors included Hemas, Melstacorp, Commercial Bank, CIC, Gran, Sunshine, Kelani Cables and John Keells.

Deputy Minister Chathuranga Abeysinghe told an Osaka business forum that Sri Lanka is officially out of bankruptcy and is seeking Japanese investment across apparel, agriculture, ICT, renewables and tourism to support an export-driven recovery.

Nations Trust Bank PLC agreed to buy HSBC Sri Lanka’s retail banking business for Rs.18 billion, including about 200,000 accounts, credit cards, retail loans and staff, with completion expected in H1 2026 subject to regulatory approval. NTB said it will fund the deal from internal resources and reported Rs.62.5b retained earnings and Rs.447b deposits at end-June 2025.

The ILO held a high-level regional dialogue in Colombo (23–26 Sep 2025) to advance living wages and launched the Asia‑Pacific Digital Repository for Minimum Wages. The initiative seeks to align wage-setting with ILO principles, which could affect labour costs in the hospitality sector.

The Colombo Stock Exchange's ASPI rose 0.26% to 21,282, led by gains in diversified financials, banks and capital goods. Top contributors included Hayleys, LOLC, Browns Investments, DIMO and Ceylon Cold Stores, with turnover Rs6.56bn and a net foreign inflow of Rs61.38m.

Cinnamon Hotels & Resorts (John Keells Hotels PLC) won eight titles, including multiple Gold awards, at the 9th South Asian Travel Awards (SATA) 2025. Wins include Surf Resort of the Year for Cinnamon Dhonveli Maldives and Gold for Cinnamon Velifushi Maldives; GM Kamal Munasinghe was named GM of the Year and promoted to COO.

Sri Lanka MICE Expo 2025 opened on 23 September at Cinnamon Life, hosting 115+ international MICE and travel operators and expected to facilitate over 10,000 B2B meetings to promote Sri Lanka as a MICE destination.

Colombo stocks extended a five-session rally as ASPI rose 0.67% (141.78 pts) to 21,226.87 with turnover Rs.8.1bn and foreigners net buyers of Rs.584.1m. Capital Goods and Banking led turnover, with JKH, CTHR, SFCL and COMB among top contributors while SIRA fell sharply.

The Colombo ASPI rose 0.67% to 21,226.87, led by gains in John Keells, C T Holdings, Senkadagala Finance and Commercial Bank.

SLTDA cut Sri Lanka's 2025 tourist arrival forecast to 2.6 million (from 3.0 million) as the SATA 2025 forum in Colombo pushed for regional collaboration, joint marketing and tech-driven, regenerative tourism to boost the sector.

Colombo market ended the week at a new high as the ASPI rose 2.29% to 21,085.09 (SL20 up 2.09% to 5,996.16); JKH, Hayleys, Sierra Cables, Melstacorp and Aitken Spence were the top positive contributors to the rally.

Colombo Stock Exchange rose as the ASPI gained 0.57% to 21,085, led by Sierra Cables and diversified conglomerates; market turnover was Rs 6.5bn with Sierra Cables contributing Rs 1.2bn. Top index contributors included John Keells, Hayleys, Sierra Cables, Melstacorp and Aitken Spence; net foreign inflow was Rs 58.21m.

Colombo's ASPI rose 0.91% (189.84 pts) to 20,965.26, extending a three-session rally; FCT.N0000 declared a Rs.5 dividend and its shares jumped 30.2%, while NTB.N0000, DFCC.N0000, JKH.N0000, CINS.N0000 and MELS.N0000 were key contributors. Turnover was Rs.6.86bn and foreigners were net sellers (Rs.481.2m).

Union Assurance PLC sold its 22% stake in Fairfirst Insurance to Fairfax Asia for Rs2.638 billion, John Keells Holdings said. The divestment comprised 30,800,000 ordinary shares for a total consideration of Rs2,638,079,877.

John Keells Holdings unit South Asia Gateway Terminals installed a 460 kW rooftop solar array and is shifting to hybrid/electric gantries and forklifts, supplying ~3–5% of its energy; 28 of 31 cranes are hybridised, cutting carbon intensity per move 22% over six years.

Colombo Stock Exchange closed higher: ASPI +0.91% at 20,965 and S&P SL20 +1.16% at 5,971, with turnover Rs6.86bn led by diversified financials, banks and capital goods. Top contributors included Nations Trust Bank, DFCC, John Keells, Singer and Melstacorp; First Capital Treasuries declared a Rs5 dividend and Acme announced a six‑for‑one rights issue.

John Keells Holdings PLC concluded its 2024/25 JKELSP English Day events, showcasing improved English proficiency and ICT skills among scholars across five provinces. The John Keells Foundation has awarded over 21,500 scholarships since 2004 and a new intake opens Sept 2025.

Karma Fight League (KFL 006) will be held at Cinnamon Life on October 11, bringing international fighters and fans to Colombo and expected to boost tourism and hotel demand in the city.

John Keells said the Adani-led Colombo West International Terminal will double capacity to 3.2 million containers a year, with the final phase expected by late 2026, 3–4 months ahead of the Feb 2027 deadline; John Keells holds a 34% stake. Adani withdrew a $553m U.S. funding request and will finance the project through internal accruals and a capital management plan.

Thulci Aluwihare and Sharmini Ratwatte were appointed independent, non-executive directors to the board of Bank of Ceylon effective September 16, 2025. Aluwihare is currently a non-executive director at Abans Finance; Ratwatte has served on the boards of Ceylon Cold Stores, John Keells and BPPL.

Colombo market rebounded as the ASPI rose 264 points (1.3%) and the S&P SL20 gained 1.2% on turnover of Rs.6.2bn. Banks and hotel counters led gains (COMB, SAMP, HNB, SPEN, DFCC), capital goods and utilities drove turnover, while foreigners were net sellers of Rs.270.8m.

John Keells Hotels' Cinnamon Life at City of Dreams is offering a weekday corporate MICE package starting at Rs. 9,000++ per person throughout October. The integrated resort provides over 160,000 sq.ft. of event space, five ballrooms and a 25,000 sq.ft. open-air Podium for large events.

Sri Lanka's planned nation-branding global tourism marketing campaign has been delayed and is unlikely to materialise this year, with officials saying approvals and fresh tenders will push the campaign at least a year out; industry leaders warn the delay risks losing arrivals and revenue.

ASPI fell 0.6% (128 pts) to 20,642 on turnover of Rs.6.5bn, led by Prime Lands Residencies (Rs.1.9bn), Chevron Lubricants and Sierra Cables; banks and blue-chip names including HNB, JKH and DFCC were top negative contributors.