Sri Lanka rupee closes weaker; bond yields up

Tuesday May 19, 2026 6:07 pm

ECONOMYNEXT – There was no spot closing quote for Sri Lanka’s rupee on Tuesday after trades at 327.85 (low) and 328.90 (high) to the dollar in the day, dealers said, while bond yields closed up.

The telegraphic transfer rate for the dollar was 330.5000 buying, 339.5000 selling.

A bond maturing on 15.12.2027 closed flat at 9.10/30 percent.

A bond maturing on 15.03.2028 closed at 9.75/85 percent, up from 9.65/75 percent.

A bond maturing on 15.12.2028 closed at 9.95/10.05 percent, up from 9.80/90 percent.

A bond maturing on 15.12.2029 closed at 10.20/30 percent, up from 10.00/10 percent.

A bond maturing on 01.08.2030 closed at 10.30/40 percent, up from 10.20/30 percent.

A bond maturing on 15.12.2032 closed at 10.90/11.10 percent, up from 10.80/90 percent.

A bond maturing on 01.11.2033 closed at 11.10/35 percent, up from 11.10/20 percent.

A bond maturing on 15.06.2034 closed at 11.35/42 percent, up from 11.25/35 percent. (Colombo/May19/2026)

Singer Mega showroom in Ja-Ela.

Tuesday May 19, 2026 10:27 pm

ECONOMYNEXT – Profits at Singer Sri Lanka, a leading consumer durables retailer, surged 77.5 percent to 2.39 billion rupees for the March 2026 quarter, bolstered by significant growth in its home appliances and financial services segments, interim financial statements showed.

Group revenue for the three-month period ending March 31, 2026, rose 47 percent to 35.7 billion rupees, up from 24.2 billion rupees in the same period last year.

The cost of sales increased by 41 percent to 21.9 billion rupees over the same quarter.

The company’s gross profit jumped 56 percent to 11.8 billion rupees, while operating profit saw a massive 89 percent increase, reaching 4.9 billion rupees.

The group reported earnings of 2.05 rupees per share for the quarter, a substantial increase from the 1.15 rupees reported in the corresponding quarter of the previous year.

Performance across key business segments was a primary driver of the bottom line.

Home appliances saw its profits before taxes (PBT) recording more than double, rising 164 percent to 1.86 billion rupees. Financial services had a PBT of 1.82 billion rupees, up 77 percent from 2024. Digital products made 559.2 million rupees in PBT, compared to the 259.9 million rupees the previous year.

The group’s high profit comes despite a sharp increase in the impairment loss on trade and other receivables, which climbed to 455.4 million rupees for the quarter from 62.1 million in the same quarter a year ago.

Singer Sri Lanka’s shares last traded at 76.20 rupees for the period ending March 31, 2026, significantly higher than the last traded price of 33.80 rupees in the previous year’s corresponding period.

Shares closed at Rs.77.20 on Tuesday (19), down 2.89 percent. (Colombo/May19/2026)

Tuesday May 19, 2026 3:47 pm

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Tuesday after maintaining green for most of the day, CSE data showed.

The ASPI was down 0.07 percent, or 15.40 points, at 22,298. The S&P SL20 was down 0.21 percent, or 13.21 points, at 6,148.

Analysts said that the initial surge may have come due to US President Trump alluding to the restart of peace talks with Iran to end the conflict, which has been going on for months.

Top positive contributors to ASPI were Dialog Axiata (up 1.36 percent at Rs.37.40), Vallibel One (up 2.52 percent at Rs.97.60), Colombo Dockyard (up 1.54 percent at Rs.132.25), and Browns Investments (up 1.67 percent at Rs.6.10).

Sampath Bank (down 0.68 percent at Rs.145.75), Melstacorp (down 0.66 percent at Rs.188.25), Commercial Bank of Ceylon (down 0.36 percent at Rs.205.50), and Hatton National Bank (down 0.37 percent at Rs.406.00) were top negative contributors.

Market turnover was 2.32 billion rupees. Capital goods led turnover with 678.6 million rupees.

Singer Sri Lanka reported strong performance, with profits surging 77 percent to 2.48 billion rupees for the March 2026 quarter. Shares closed at Rs.77.20, down 2.89 percent.

Union Chemicals Lanka announced a dividend of 44 rupees per share on its 1,500,000 shares. Shares closed at Rs.2,506.25, down 2.92 percent. (Colombo/May19/2026)

Tuesday May 19, 2026 3:42 pm

ECONOMYNEXT — Sri Lanka’s cabinet has approved a proposal to formulate a comprehensive National Intellectual Property Policy to address structural and operational gaps in the current system and improve coordination among state agencies.

The current intellectual property framework is governed by the Intellectual Property Act No. 36 of 2003.

However, the government has identified several challenges in how the system operates, minister Vijitha Herath told reporters.

“Although several ministries and government agencies, in addition to the National Intellectual Property Office of Sri Lanka, play complementary roles in the intellectual property system, it has been observed that there is a lack of coordination among these agencies.”

The new policy aims to provide a clear strategic direction to develop and use Sri Lanka’s intellectual property more effectively, he said.

The policy will align with international best practices while safeguarding national interests and domestic priorities. (Colombo/May19/2026)

Tuesday May 19, 2026 3:13 pm

ECONOMYNEXT – Sri Lanka has started talks with Israel to secure the release of Sameera Mehboob, a member of the Global Sumud Flotilla which sought to break the siege of Gaza in the occupied Palestine territories, foreign minister Vijitha Herath said.

“We received unofficial reports yesterday, and we have started interceding,” Herath said when questioned by reporters.

Israel unlawfully arrests and harasses flotilla members in international waters, before imprisoning or deporting them.

The flotilla carries international activists, doctors, and nurses delivering vital medical and humanitarian aid to the Gaza strip. (Colombo/May19/2026)

Tuesday May 19, 2026 2:57 pm

ECONOMYNEXT – Sri Lanka will award an 819 million rupee (VAT excluded) tender to improve the Malabe-Kaduwela Road (B 263), to Senarath Engineering (Pvt) Ltd, minister Vijitha Herath said.

Bids were invited for the improvement of the 5.56 km stretch of the Malabe-Kaduwela Road, and 8 bids were received Herath told reporters.

Cabinet had approved the proposal, he said. (Colombo/May19/2026)

Tuesday May 19, 2026 2:34 pm

ECONOMYNEXT – Sri Lanka’s cabinet has approved awarding a tender to buy 181 motorcycles for 91.26 million rupees (excluding tax) to David Pieris Motor Company, minister Vijitha Herath said.

The vehicles are meant for the Department of Wildlife Conservation to be used for wild elephant management duties and other field duties, Herath told reporters.

“Officers in the Site Security Offices and the ‘Beettu Offices’ need these vehicles for field visits.”

Beat offices are localized field outposts managed by the Department of Wildlife Conservation or the Department of Forest Conservation.

Bids were invited according to the National Competitive Procurement Procedure, and 4 bids were received.

Earlier this month the cabinet approved a proposal to award tenders for purchasing double cabs and tractors for the Wildlife Department at a cost of 1,458.75 million rupees to United Motors Lanka, Toyota Lanka, and DIMO.

On Saturday, Sri Lanka imposed a temporary 50 percent surcharge on Customs Import Duty on new personal vehicles for three months effective May 16, aiming to restrict imports and reduce the depreciation of the rupee. (Colombo/May19/2026)