News & market updates

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.

ASPI rose 155.47 points (0.69%) to 22,739.77 while the S&P SL20 gained 31.89 points (0.51%) to 6,245.13. Gains were led by John Keells, HNB, Melstacorp and R I L Property; turnover was Rs.4.13bn with domestic investors 97.3% and a net foreign inflow of Rs.62.4m, led by high activity in Citrus Leisure and Janashakthi Insurance.

Global Innovation & Leadership Summit in Colombo flagged untapped Indian outbound travel potential—32.7m Indians traveled abroad in 2025 while only 531,000 visited Sri Lanka—and urged deeper India–Sri Lanka integration to boost tourism, agriculture, marine and creative sectors.

Hilton Colombo will host 'Seoulful Flavors at Graze,' a 10-day Korean culinary showcase from 14–23 May 2026, with dinner buffets priced at LKR 10,888 nett per adult and LKR 5,444 nett per child. The event, in collaboration with Conrad Seoul, features guest chefs Jeong Hun Han and Young Hun Hwang presenting authentic Korean dishes.

Cinnamon Life at City of Dreams is offering a lineup of May dining events across its venues, including a Mother's Day Ocean Elegance brunch (10 May), custom cakes (8–10 May), Dragon Boat Festival specials (17 May–21 Jun), Hajj dinners (28–30 May) and a Sake masterclass (23 May).

Sri Lanka and the Maldives pledged deeper economic cooperation at the Maldives–Sri Lanka Business Forum in Colombo, with Maldives announcing investment‑friendly reforms and leaders urging expansion of bilateral trade (US$137m in 2025), tourism, infrastructure and sector partnerships.

Melstacorp Plc and Aitken Spence Hotel Holdings are offering to buy minority shares of Browns Beach Hotels at LKR 30 per share ahead of the company's planned delisting from the Colombo Stock Exchange. The acceptance period runs from May 5 to June 5; Browns Beach cited sustained tourism-related losses since 2019.

Sri Lanka tourist arrivals fell 22.3% YoY to 135,643 in April 2026, the weakest month so far as winter seasonality and Middle East-linked aviation disruptions cut travel. Year-to-date arrivals are down 2.3% to 876,277 and average daily arrivals dropped to 4,521.

Private taxi operators at Bandaranaike International Airport are requesting temporary relief, asking for a 50% reduction in monthly rent for three months after paying over Rs.4 million/month and facing low tourist arrivals and unfair competition from meter operators. They warn of staff layoffs and loss of luxury transport capacity if relief is not granted.

Melstacorp (MELS.N0000) and Aitken Spence Hotel Holdings (AHUN.N0000) opened an unconditional Rs.30-per-share exit offer today for minority shares in Browns Beach Hotels PLC ahead of its planned CSE delisting; the offer closes on 5 June with settlement by 12 June.

City of Dreams Sri Lanka appointed Chef Ye Panwang as Chef de Cuisine at its Spice 8 restaurant, bringing over two decades of international experience in Chinese and Pan-Asian cuisine.

Kandy Hotels Company (Kandy Myst by Cinnamon) hosted an exclusive meet-and-greet with former New Zealand All Blacks captain Kieran Read. The event gathered Sri Lankan rugby legends and dignitaries and offered guests insights into his leadership and career.

Table by Nyne at Lake Lodge, Colombo is offering a month-long Mother's Day High Tea every Sunday in May starting 10 May, with mothers dining free and the High Tea priced at LKR 8,000 nett per person; advance reservations required.

ASPI rose 0.65% (145.47 pts) to 22,695.00 while the S&P SL20 gained 0.6% to 6,244.64. Market turnover exceeded Rs. 4.8bn with Ceylon Tobacco Company dominating turnover (Rs. 2.4bn) even as foreign investors were net sellers, extending YTD foreign outflows to Rs. 27.6bn.

Emirates has restored 96% of its global network, operating to 137 destinations across 72 countries with over 1,300 weekly frequencies (75% of pre-disruption capacity); it continues three daily flights to Colombo.

Beruwala Resorts PLC has closed The Palms Hotel Beruwala from May 1 until August 30, 2026 for refurbishment and operational upgrades and expects to reopen on September 1, 2026. The board said the closure is not expected to have a material long-term impact and cost management measures will be applied.

Sri Lanka's current account surplus fell 43.9% YoY to $531.5m in 1Q2026. The decline was driven by a sharply wider trade deficit (up 122% YoY), weaker services/tourism inflows with March surplus collapsing 90.7% YoY to $44.6m, and a 74.7% surge in fuel import costs.

City of Dreams Sri Lanka is a USD 1.3 billion, 4.5 million sq ft integrated luxury resort developed by Melco Resorts and John Keells, combining Nüwa (113 rooms) and Cinnamon Life (687 rooms) with major entertainment, retail and MICE facilities to strengthen Colombo's tourism offering.

KPMG Sri Lanka Academy will host a webinar on 5 May to explain recent tax reforms — including the Social Security Contribution Levy Act, the VAT (Amendment) Bill, expanded withholding taxes and higher capital gains tax — and their compliance implications for businesses and individuals.

Solo Sri Lankan was awarded the Platinum Excellence 2026 in Tourism Business Growth & Market Expansion at City of Dreams – Cinnamon Life, Colombo. The award recognizes the company's international market expansion driven by strategic marketing and global partnerships.

Colombo Stock Exchange rose with the ASPI up 0.47% and banks leading turnover at Rs.467 million. Nations Trust Bank completed the transfer of HSBC Sri Lanka's retail banking (effective May 1), Beruwala Resorts will close May 1–Aug 30 for refurbishment, and Sampath Bank appointed an independent director.

Shangri‑La has launched "Golden Hour", a daily cocktail ritual at Shangri‑La Colombo and Shangri‑La Hambantota featuring globally curated cocktails and paired "Golden Bites" across signature venues to create a destination evening experience.

Sri Lanka Tourism Club launched a global promotional campaign and a new Sri Lanka Tourism Channel to attract high‑spending visitors, aiming to lift arrivals to 5 million and generate over USD 10 billion in tourism revenue.

Spirit Airlines said it had almost completed refunding passengers and returning crew after abruptly ceasing operations over the weekend; the carrier had more than 4,000 domestic flights scheduled through May 15. The shutdown followed financial strain from a sharp rise in jet fuel costs and failed rescue financing.

AHC Group signed an MoU with the Asia Africa Chamber of Commerce and Industry to attract investment into agriculture, tourism, real estate, mining and trade and to generate employment in Sri Lanka. AHC highlighted its vermicompost programme, a 1,000-acre seed paddy initiative and will co-host a major international business conference in August.

The Deputy High Commission of Sri Lanka in Chennai held the Sri Lanka Food Festival 2026 from 24–26 April, drawing over 700 attendees to showcase Sri Lankan cuisine and promote tourism and trade. The event featured chefs from Cinnamon Grand and participants including Tarlton Tea, and generated strong digital reach.

Colombo posted its biggest monthly gain since July 2025, with the ASPI up 7% and the S&P SL20 up 5.1% in April, with average daily turnover of Rs.3.66bn. Yesterday the indices fell (ASPI -0.38% to 22,550) on losses in John Keells, Sampath and Commercial Bank amid net foreign outflows of Rs.75mn.