IMF urges Asia to cut non-tariff barriers to cushion US tariff shocks

The International Monetary Fund (IMF) has called on Asian economies to reduce non-tariff barriers and strengthen regional trade integration to shield themselves from US tariffs and global financial volatility.

In its latest Regional Economic Outlook for Asia, the IMF said the region’s strong dependence on trade, particularly with China at the centre of global supply chains, leaves it exposed to disruptions from escalating US-China tensions and higher US import duties.

The report noted that growing trade friction with the US, coupled with an investment surge in artificial intelligence, has fuelled an increase in trade within Asia.

Deeper integration, supported by the removal of trade barriers, would allow countries to diversify export markets, cut costs, and better withstand external shocks, the IMF said.

‘If Asia integrates more within the region, that itself provides a buffer against external shocks,’ IMF Asia-Pacific Department Director Krishna Srinivasan said. He said about 60% of Asia’s exports are intermediate goods traded within the region, while only 30% of final goods are sold regionally, a sign of continued reliance on US and European markets.

The IMF said broader, multilateral trade frameworks similar to those in the European Union could benefit Asia, as the current network of bilateral deals often leads to inconsistent standards.

It also highlighted that non-tariff barriers, which rose during the pandemic and remain widespread, are dampening regional trade prospects.

Some Asian countries have begun easing such barriers during negotiations with the United States, which the IMF described as a welcome development.

Greater regional integration could raise Asia’s GDP by up to 1.4% over the medium term, and boost output among ASEAN economies by as much as 4%, the Fund said.

Asia’s economy is expected to grow 4.5% in 2025, slightly slower than 4.6% last year but stronger than earlier projections, driven in part by front-loaded exports ahead of potential new US tariffs.

Growth is forecast to ease to 4.1% in 2026 amid weak Chinese demand and subdued consumption in emerging markets.

‘Trade policy uncertainty has declined somewhat since April but remains elevated, and could weigh on investment and confidence more than expected,’ the IMF cautioned.

Sri Lanka rake in cool Rs. 300 m from ICC Women’s Cricket World Cup

It was another case of rain and bad weather affecting the final match of the Colombo leg in the ICC Women’s Cricket World Cup between Sri Lanka and Pakistan which ended in a no-result at the R Premadasa International Cricket Stadium with only 4.2 overs being bowled.

It was frustrating and disappointing for the Lankan players who were looking forward to finishing their World Cup campaign which had all gone wonky with interference from the weather, with a win that would have given them a no. 5 or no. 6 position finish.

Having won their previous match played in India, against Bangladesh, Sri Lanka were keen to extend that run against Pakistan and finish on a high. But the weather had the final say.

The one point, Sri Lanka got from yesterday’s game they moved to fifth position in the standings displacing New Zealand who have 4 points with a game in hand against England on Sunday. If New Zealand wins they will finish fifth with 6 points and Sri Lanka sixth. If New Zealand lose to England, Sri Lanka will end up fifth.

However, whereas the prize money distribution is concerned both fifth and sixth placed teams will receive the same amount from the ICC – $ 700,000 each.

The weather gods have been rather unkind to the majority of Women’s Cricket World Cup matches played at Colombo’s R Premadasa Cricket Stadium that saw five of the 11 scheduled matches ending in a no-result, and two finishing with a result decided by the DLS rain rule. Only four matches were played without any interruption.

The results, however disappointing they may be, did not deter Sri Lanka from raking in a cool $ 984,314 (approx. Rs. 298,935,571) from the ICC for finishing fifth (or sixth) in the final league standings.

They will receive $ 250,000 (Rs. 75,924,850) as participation fee, $ 34,314 (Rs. 10,421,141) for their only win in the tournament against Bangladesh, and $ 700,000 (Rs. 212,589,581) for finishing fifth or sixth.

Considering the fact that Sri Lanka failed to qualify for a place at the last Women’s Cricket World Cup held in New Zealand in 2022, it was a commendable performance from Chamari Athapaththu’s team

Season opener cancelled after PGA Tour fails to find new venue

The PGA Tour has cancelled its 2026 season-opening event in Hawaii after failing to find an alternative venue to host The Sentry. The tournament, which was to be played from 8-11 January, had to be moved from the Plantation Course at Kapalua on the island of Maui because of drought conditions.

However, the PGA Tour said that, ‘having assessed alternate venues in Hawaii and beyond,’ it could not hold the tournament because of ‘logistical challenges – including shipping deadlines, tournament infrastructure and vendor support.’

The first event of next year will now be the Sony Open, scheduled from 15-18 January at the Waialae Country Club in Honolulu, Hawaii.

The Sentry, which relocated from California to Maui in 1999, was the PGA Tour’s season opener between 1986 and 2013 before returning to that slot in 2024, when the Tour switched back to a calendar-year schedule. The field at the event would have featured the top 50 players from the previous year’s FedExCup standings, as well as winners of PGA Tour events from the previous year.

Muslim MPs urge immediate release of detained Tamil translation of Holy Qur’an consignment

All Muslim Members of Parliament, representing both the Government and Opposition, have called on Religious Affairs Minister Hiniduma Sunil Senevi to secure the immediate release of a consignment of Tamil-translated copies of the Holy Qur’an detained by Sri Lanka Customs.

The MPs said the detention violates the fundamental rights of Sri Lankan Muslims.

The appeal was made through a joint letter signed by all Muslim MPs, including Deputy Minister of Religious Affairs Muneer Mulaffer.

The letter states that the shipment (Container No. FSCU 8233306) was seized by Customs on 16 May 2024, reportedly following instructions from the former Secretary to the Ministry of Defence, who had intervened on behalf of the Government.

The consignment was printed by the King Fahd Glorious Qur’an Printing Complex in Saudi Arabia, a globally recognised authority for Qur’anic publications. According to the MPs, previous shipments of the same Tamil translation had been cleared without objection and are already available in homes across Sri Lanka and on digital platforms.

They argued that the continued detention of the religious text constitutes a breach of fundamental rights protected under Chapter III of the Constitution. The MPs also said that no such restrictions had been placed on religious texts of other faiths, making the detention discriminatory on the grounds of religion and language.

They further pointed out that while Arabic-language Qur’ans have always been permitted, the Tamil translation alone has been subjected to such treatment. The MPs urged the Government to immediately release the detained consignment and disband the ad-hoc review committee set up to scrutinize Islamic publications, calling it arbitrary and discriminatory.

Sustainability from within: Self-reflection

The more I observe my own inner life, the clearer it becomes that the root of the unsustainability we see in the world is not only in external systems but also in the inner state of human beings. At the core lies a feeling of self-inadequacy and a subtle sense of emptiness that often remain hidden in the background of consciousness. This inner void is what drives most individuals, myself included, into activities that are not really necessary for life. These activities, repeated across humanity, collectively make our lives a burden rather than a resource to both society and nature.

When I am in this state of disconnection from myself – what I call Stage 1 of the inner journey, I am mostly unaware of it. Yet in this state I feel incomplete, restless, and dissatisfied. To fill the emptiness, I seek pleasure from external sources. Sometimes I compare myself with others to feel superior. At other times I replay pleasurable past experiences or imagine future victories, arguments won, respect earned, and recognition received. These fantasies give brief relief but usually end in subtle disturbances.

I now realise that these mental activities strengthen desires, which then turn into actions that are often unnecessary and unsustainable. My attachment to desires naturally produces aversions toward their opposites, and together these make my relationships selective, exploitative, and disharmonious. In this way, my behaviour – and the behaviour of most people who remain in Stage 1 – contributes to the very patterns of unsustainability that plague the world today.

Yet there is a path forward: a four-stage journey from separateness to oneness.

The insight reveals that desires themselves are the root of suffering and unsustainability. As desires dissolve, so too do attachments and aversions. What remains is a deep sense of connectedness, with myself, with others, and with nature. In this state, action is motivated not by emptiness but by a sense of oneness. Such actions are whole-centred, compassionate, and inherently sustainable.

Towards sustainability within

From these reflections, I see that the deepest cause of unsustainability is not external consumption alone but the inner disconnection that fuels it. The feeling of self-inadequacy and emptiness pushes individuals toward desires, attachments, and aversions, fragmenting their inner life and leading to actions that burden society and nature.

But the same human mind also holds the seed of transformation. When disconnection is observed without judgment, disturbances dissolve into insight. Desires and aversions weaken. In their absence, the sense of oneness shines forth. Actions motivated by oneness are simple, whole-centred, and sustainable.

Thus, true sustainability is not only an external project but an inner awakening. By journeying from disconnection to connection, from separateness to oneness, we open the possibility of a sustainable world that arises from within.

Kane can’t stop scoring – is the Ballon d’Or within reach?

Earlier this year Harry Kane finally ended his trophy drought in the 15th season of his professional career when Bayern Munich were crowned Bundesliga champions.

It paved the way for him to target other major prizes, for club, country and himself.

Despite being in the form of his life, the England striker ranked only 13th in September at the 2025 Ballon d’Or awards and has never finished higher than 10th in the prestigious list.

In the month since Paris St-Germain’s Ousmane Dembele was named the world’s best player in Paris, it feels like Kane has elevated his game to an even higher, previously unthinkable level.

The 32-year-old took his goal tally this season to 20 in 12 club games in all competitions as Bayern Munich beat Club Brugge 4-0 in the Champions League.

Kane is well aware that maintaining his scoring run, winning Europe’s biggest club competition, and helping England triumph at the World Cup next summer, will make him a frontrunner for the 2026 Ballon d’Or.

‘I would love to win it for sure, it would be an accumulation of doing something great individually and as a team,’ said the former Tottenham Hotspur hero earlier this month. ‘It would be almost the perfect season.’

The last English player to win the coveted prize was striker Michael Owen in 2001, when he starred for Liverpool. There have been only three others – Stanley Matthews (1956), Bobby Charlton (1966) and Kevin Keegan (1978, 1979).

In September, Kane became the fastest player this century to reach 100 goals for a club playing in one of Europe’s top five leagues in just 104 games, and has now netted 105 times in 108 matches.

No other player in Europe’s top five leagues has scored that many since the start of 2023-24.

Neither Lionel Messi nor Cristiano Ronaldo reached 20 goals in a season faster than Kane – they needed 17 and 13 respectively – and England’s record scorer is averaging a goal every 54 minutes.

Having already netted 12 times in seven Bundesliga outings this term, he is on track to score 58 goals. Kane needs another 30 in the remaining 27 games to break Robert Lewandowski’s record total of 41 goals in a single Bundesliga season.

It’s a similar story in Europe. Since his first Champions League match for Bayern in September 2023, he has scored more goals (24) and been directly involved in more goals (24 goals and six assists) than any other player in the competition.

Only Dutchman Ruud van Nistelrooy scored more goals in his first 60 games in the competition (48).

Kaya and Reshan keep Sri Lanka’s medal hopes alive at Asian Youth Games

Sri Lanka’s young golfing sensations, Kaya Daluwatte and Reshan Algama, continued to impress on Day 2 of the Asian Youth Games 2025 in Bahrain, keeping the island’s hopes of a medal well within reach as the tournament heads into its decisive final round at the Royal Golf Club in Bahrain today.

Both players displayed exceptional composure and skill against a strong field representing the continent’s finest junior golfers.

Kaya Daluwatte, who started the tournament brilliantly with a three-under-par round on Day 1, took her game to another level on the second day. The talented young star fired a magnificent 8 under par 64 ending Day 2 with an overall score of 11-under-par, with a total score of 133 tied with 3 more golfers from China (2) and Singapore for the 2nd position. She was just one stroke behind the leader Menghan Li of China who maintained her dominance at top of the leaderboard. Kaya’s round was a masterclass in consistency with steady drives, sharp iron play, and a confident touch on the greens.

Her day was highlighted by a string of birdies across both nines, showing her growing maturity and control under pressure. The 17-year-old from Sri Lanka has been steadily climbing the ranks in the Asian junior golf circuit and this performance at Bahrain’s challenging desert course is further evidence of her rising potential. With one round left to play, Kaya remains a strong contender for a podium finish, if she maintains her current rhythm.

Meanwhile, in the Boys’ division, Reshan Algama also produced a commendable display, ending Day 2 tied for 7th place with 2 under-par round of 70. His steady performance kept him within striking distance of the leaders as he aims to climb the leaderboard on the final day. Reshan totalled 144 strokes. China’s Jin Han took charge in the boys’ category with a superb five-under-par of 67 with a total of 135 strokes.

Reshan’s round was marked by solid course management particularly on the back nine where he recovered from a bogey to card two birdies and stay in contention. Known for his disciplined approach and calm temperament, he will be looking to go low on the final day to push for a medal a feat that would mark a historic achievement for Sri Lankan junior golf.

Meanwhile Jevahn Sathasivam and Adhithya Weerasinghe had a tough day ending on the bottom half of the 51 strong junior golfers among Asia.

As the event heads into its final day, the Royal Golf Club in Bahrain is set for a thrilling climax. With Kaya in striking distance of the top and Reshan within reach of the leaders, Sri Lanka’s young golfers have positioned themselves among Asia’s elite. Their performances have not only raised hopes for medals but have also underlined the steady progress Sri Lanka is making in youth golf development.

Coach and Manager Mithun Perera, speaking to Daily FT, said he had the confidence in both players’ ability to finish strong under pressure. With calm conditions expected on the final day, both Kaya and Reshan will have the perfect stage to show their skills and potentially bring glory to Sri Lanka on the continental stage.

Understanding the mysterious world of trees

This is part two from our series from the book ‘The Hidden Life of Trees’ by Peter Wohlleben originally published in German as ‘Das geheime Leben der Baume’ in 2015 by Ludwig Verlag, a division of Verlagsgruppe, Random House GmbH, Munchen, Germany. The Hidden Life of Trees was published in the English language in hardback by Greystone Books Ltd. in 2016 in Vancour, Canada. The paperback edition of the book was first published in the United Kingdom by William Collins in 2017.

This series is being created by the Harmony Page of Weekend FT, honouring the national month/s dedicated to reading in Sri Lanka and is to be turned into a training curricula for educational institutions and related institutions.

By Surya Vishwa

The tree world is also one of fierce competition, like ours, but their timespan, if trees are allowed to grow at their own space, as in natural undisturbed forests, go onto hundreds of years. A ‘youthful’ tree with amorous flirty branches will be giving leafy ‘winks’ at the sky at the youthful age of 100 years. Trees also develop ‘wrinkles’ with the advancement of time and get ‘bald’ around the crown and ‘wide’ around the midriff – just like our grandpas and grandmas. They can also get prone to ‘acne’ like conditions formed through bacteria and diverse fungi just like humans. Although there is endless competition for resources such as water and sunlight, the philanthropy of forest beings seem more gracious than humans.

Trees like humans need ‘sugar,’ as their ‘energy food,’ and water as their thirst quencher. Trees are more equipped with patience and tolerance us. And yes, they can be said to have an equivalent of a ‘brain’ as humans but it is in their roots and ‘wired’ into the underground where the ‘earth-wide-intelligence’ resides lorded over by the fungi. They too get romantic and ‘fall in love’ – which is why blossoms spread across the world and regeneration of forest life goes on. The trees also ‘plan’ their ‘families’ and hold on ‘birth’ for a year or two, after ‘assessing’ local ‘conditions’ – which take into account the population growth within the said time frame of animals and insects. The tree matrons seem much more ‘strict’ than our human mothers.

The fungi can be described as the masters of the forests as they decree life and death much of the time and their manoeuvres can bring down even a mighty tree. Trees have the capacity to maintain inner balance – possibly better than humans, where energy/strength is carefully distributed for daily tasks.

Girdling

Next time your child asks you where he or she came from, try saying that the arms of the wind plucked the teeny weeny baby from a forest tree and deposited in your house; it may seem more plausible than the stork story.

The book, The Hidden Lives of Trees, based on life within natural forests of Europe shows us that the fate of a tree is decided based on where the seed falls – transported by wind – or animals – or the bees flying around with pollen. Sometimes the seeds will land under the mother trees where it may struggle for sunlight under the dense green apron and it is only when the tree mama decide to depart from life (which will not be anytime soon) that the youngsters can rise to the sky. Till then the sky is a space that only their mothers could freely gaze at.

Last week we stopped at chapter 3 titled Social Security. Before shifting to chapter 4 we will look at the description of ‘girdling,’ a process where a strip of bark three feet wide is removed all around the tree with the intention of ending its life. This is what ‘foresters’ do in man-controlled forests, author of the book, Peter Wholleben explains, recalling his own time as such a ‘forester.’ He makes note of the fact where adamant tree neighbours had succeeded in keeping such trees alive. The girdling process adopted by foresters in man-managed forests is owing to their lack of understanding in how the true psyche of trees operate – girdling based killing of some trees – is thought to help other trees get better access to growth.

Love

We now turn to chapter 4 titled ‘Love’ where insights into the colourful ‘love-life’ of the tree world and the strategic ‘family planning’ of the forest is explained. Here the difference between coniferous trees (that produce cones and needle or scale like leaves) and deciduous trees (those that have flowers, and/or flat, broad often colour changing leaves, such as Oak, Teak, Maple, Jackfruit) which generally shed their leaves once a year. Conifers are unpalatable to herbivores and as a result bloom every year. This is in contrast to deciduous trees which adopt their birthing strategy taking into consideration the population of herbivores – boar and deer – who are very partial to diets such as beechnuts. At times trees are devoured to skeletons in the fall so that by the time spring comes along the forest is bereft of beech and oak seedlings, Peter Wholleben points out. He notes that this is what makes trees ‘agree’ in advance on giving it some time gaps before they produce the next heirs of the forest.

When the beeches and oaks in agreement all produce their young in throngs it is not possible for the animals to eat up everything. The animal population gets low – being famished during the lean years where the trees have postponed blooming. The beeches and oaks can put off blooming for a varying number of years, according to circumstances and this impacts not only the animal world but also the insect realm. The bee population and that of the wild boar could be completely destabilised by the long term birth control of these trees, it is explained. When the blooming does occur it is the wind that is mainly instrumental in spreading the tree progeny far and wide within the forest, the book emphasises comparing the role of the bees in pollination as being significantly lesser. The birthing process of the European natural forests is further elaborated by using species like spruce as example – where male and female blossoms come to life a few days apart and the pollen from the differing spruce releasing itself into a celebration of fertilisation. The bird cherry trees which produce male and female sex organs in contrast prefer to depend on the bees in the pollination drama.

Where the willows are concerned it is the bees which act as matchmakers, flying to the male willows, collecting pollen and then transferring the pollen to the female trees. The book notes that scientists have discovered that willows ‘put on’ an alluring scent to attract bees. And the male willows make their catskins to be bright yellow and when the bees attracted by this visual lure arrive, and after feasting on the sugary nectar depart towards the greenish flowers of the female trees, the marriage is sealed. One of the main takeaways from this chapter is how wind, animals and insects help to keep intact the diversity of natural forests.

Tree lottery

Chapter 5 titled ‘Tree Lottery’ is all about how the game of life plays about for natural forest trees, their neighbours and families. The word lottery refers to the chances that involve the gift of life to grow freely – which comes entwined with death – when an aged family member finally decides it has lived long enough – after a couple of hundred years. This chapter gives the reader an understanding into the inner intelligence that governs trees – and the ‘growing pangs’ of these beings. This chapter shows in detail just how much of planning it takes and the backbreaking (may the term branch breaking is more appropriate) work that goes into producing blossoms, creating space for new leaves, growth of branches, and the food and water segmentation for these tasks, not to mention the warding off of ‘bad’ fungi/insects and befriending beneficial ones.

The determination of trees, even in the arduous of conditions (like a beech made sickly by weevil monopolising its leaves with millions of eggs eating away its wellbeing) seems admirable. Faced with the reality of a shortened lifespan, the weevil invested and weakened beech tree puts all its energy into producing new blossoms. This is the last ambition of a immunity compromised tree – to keep generations of its legacy alive in the forest. The reader is told that a beech tree produces around thirty thousand beechnuts, wither once in 5 years or due to climate change within two or three years. In comparison the poplar produce around 54 million seeds each year. By this assessment alone we can imagine how rich a natural forest would be if man does not venture into it with his own assumptions of ‘helping’ the trees to grow.

Chapter 5 of the book brings to life the concept of time in the tree psyche – its intense slowness is a vast paradox to our own understanding of time in human life. Trees it seems relish the meandering years, maybe though, with the exception of new trees having to grow up under the aprons of their mamas. While all the mature trees form a canopy and bask in the sun above, the baby trees have to struggle for years and years, scrounging as youth, for a little as 3% of sunlight. Again, the book gives an insight into the natural intelligence of trees which have a purpose and significance in all that they do. This sunlight deprivation by the tree mothers have been studied by scientists, Peter Wholleben notes, and they have come to the conclusion that this slow growth due to weak exposure to sunlight, enables the tree to live upto a grand old age.

Maternal instincts in trees

A scientist who studied ‘maternal instincts’ in trees, Dr. Suzanne Simard’s work is described where she found that the dominant mother trees influence the ‘upbringing’ of their children by wielding their authority underground as well, where they are connected through the filigree of the fungal root network to other trees and their roots (we can imagine the discussing and the exchanging of notes that goes on – pertaining to the tree youngsters who will one day take over the forest).

As example Peter Wholleben takes a young beech tree who at 80 years would be a standing under their 200-year-old tree mothers and expect to wait at least another 200 years before they can actually wholeheartedly greet the sun. Their growth however is kept up by the matrons feeding sugar and other nutrients to their children through the roots. The roots of trees come across as being the super brain of a tree; next time you see a root show more respect to its brilliance.

Forest etiquette

Chapter 7 of the book, is titled Forest Etiquette which list out the expected formalities and norms in a natural forest. Through the other chapters that we have covered so far we are already aware of several courtesies the trees show each other and how they behave in diverse conditions to fellow trees, sick trees, animals and fungi. In this chapter it looks at things such as how a well groomed tree, following forest etiquette would look like, say a deciduous specie. It would, the book notes, have a ramrod straight trunk with orderly arrangement of wood fibres with the root stretched out evenly in all directions and reaching deep into the earth. With time there would be a symmetrical crown formed by sturdy branches reaching to the high heavens.

The same grooming etiquette would hold for conifers, we are told, except that the topmost branches would be horizontal or bent slightly downward. Rather than vanity, the tree ‘garments’ that must be produced and worn as appropriate – to display a well formed crown – is more for stability and endurance. The crown of a tree must have enough stamina to withstand rain in their relentless torrents, heavy weights of plummeting snow and wild winds.

A well-developed crown of fully grown up trees that have to fight off these perils will be taking the brunt of whatever comes its way and thereby preventing the impact of it being directed to the roots. It is explained that a weak spot anywhere in the tree would lead to the pressure directed to the base of the tree trunk, uprooting it. So, if a tree trunk is curved and a crown is not evenly distributed over the trunk, or when a tree is forked, then the result is fatal in a windstorm.

Tree school

In chapter 8 titled Tree School we are told that thirst is hard for trees to bear than hunger. Tree hunger is satisfied by photosynthesis – the process where trees prepare its own food using carbon dioxide, water, sunlight and converting all of these into sugar.

We are informed that a mature beech tree can use up 130 gallons of water per day for its wellbeing. In this chapter the topic turns to ‘tree brains’; in an attempt to understand just where their intense intelligence is stored. The work of Australian scientist Dr. Monica Gagliano is used as example – where she had studied the tropical creeping herb, the mimosa.

These plants, when touched closed their leaves and later in an experiment when water droplets were cast on them at regular intervals, the leaves although closing themselves in the beginning, remained open after a while, realising there is no damage to them. It is also mentioned that scientists of the Swiss Federal Institute for Forest, Snow and Landscape Research recorded ‘screams’ of trees when they are extremely deprived of water. It is noted that these are vibrations that could be interpreted as cries of thirst.

CSE ends week in red from ‘heightened’ profit taking

The Colombo stock market gave in to profit-taking pressure yesterday to close the week in red, after holding its ground in the previous two sessions.

The ASPI closed 0.17% down, losing 38.43 points to 22,812.52 and the active S and P SL20 index closed down 0.04%, losing 2.56 points to 6,266.31.

Turnover was more than Rs. 6.2 billion with over 226.7 million shares traded in the day. Foreigners were net buyers yesterday with a net inflow of Rs. 25.8 million.

During the week, the ASPI had gained 178.72 points, up 0.79% and the S and P SL20 gained a marginal 3.28 points, up 0.05%. Foreigners were net sellers during the week with a net outflow of Rs. 281.8 million.

First Capital Research said the Colombo Bourse witnessed mixed sentiment throughout the session, ultimately closing in negative territory as the ASPI declined by 38 points to settle at 22,813 amid heightened profit-taking.

Retail participation remained strong, while notable HNW interest was observed in blue-chip counters.

Key negative contributors to the index included HARI, SAMP, MELS, SFCL, and CARG.

Market turnover amounted to Rs. 6.2 billion, approximately 18% below the monthly average of Rs 7.5 billion.

The Capital Goods sector dominated activity, accounting for 23% of total turnover, while the Diversified Financials and Banking sectors collectively contributed 31%.

Meanwhile, foreign investors remained net buyers for the day, recording a modest net inflow of Rs. 25.9 million.

NDB Securities said the ASPI closed in red as a result of price losses in counters such as Harischandra Mills, Sampath Bank and Melstacorp with the turnover crossing Rs. 6.2 billion. Meanwhile, the S and P SL20 edged down. High net worth and institutional investor participation was noted in Royal Ceramics, Laugfs Gas and

Colombo Dockyard.

Mixed interest was observed in LOLC Finance, Browns Investments and Sierra Cables whilst retail interest was noted in SMB Leasing, Hela Apparel Holdings and Co-Operative Insurance Company. Foreign participation in the market activity remained at subdued levels with foreigners closing as net buyers.

During the week, the ASPI and the S and P SL20 gained 0.8% and 0.1% respectively, whilst recording an average daily turnover of Rs. 7.37 billion.

The Capital Goods sector was the top contributor to the market turnover (due to Royal Ceramics, Colombo Dockyard and John Keells Holdings) whilst the sector index gained 0.94%.

The share price of Royal Ceramics moved down by Rs. 1 (2.12%) to close at Rs. 46.10. The share price of Colombo Dockyard recorded a gain of Rs. 35.50 (19.35%) to close at Rs. 219. The share price of John Keells Holdings appreciated by 10 Cents (0.47%) to close at. Rs 21.40.

The Diversified Financials sector was the second highest contributor to the market turnover (due to LOLC Finance) whilst the sector index decreased by 0.36%.

The share price of LOLC Finance increased by 30 Cents (4.69%) to close at Rs. 6.70.

Laugfs Gas was also included amongst the top turnover contributors. The share price of Laugfs Gas gained 40 Cents (0.66%) to close at Rs. 61.20.