News
Bull run on CSE ends, but market remains heated
The unprecedented bull run on the Colombo Stock Exchange ended at the close of trading on Friday with the All Share Price Index (ASPI) that hade been galloping for several previous days closing 143.94 points (1.53%) down at 8,668.07 while S&P SL 20 reflecting more liquid (and possibly stronger shares) gaining 8.85 points (0.25%) to close at 3,514,8.
Brokers and analysts said that that the correction process appears to have begun although both indices remain sharply up from levels posted until what one broker called “the crazy upward momentum” began several days ago.
Among the shares that declined Friday were hot counters like those belonging to LOLC Holdings, the Ishara Nanayakkara-controlled conglomerate and several Hayleys Group companies controlled by Mr. Dhammika Perera including the parent and the bigger subsidiaries like Haycarb and Dipped Products.
LOLC was down Rs. 8.50 to Rs. 512.75 on approx. four million shares done at between Rs. 498.25 and Rs. 574 in 3,245 trades when the market closed for the week on Friday. Likewise, the three Hayleys biggies, Hayleys, Haycarb and Dipped Products where 10 for one share splits (each existing share will be subdivided into 10) are pending also lost steam.
Hayleys was down Rs. 30.25 to Rs. 772 on approx. 0.3 million shares done in 592 trades between Rs. 755.50 and Rs. 815.Dipped Products declined Rs. 39.25 to Rs. 703 on approx. 0.5 million shares done between Rs. 680 – 760 on 1,676 trades while Haycarb lost Rs. 85.25 to close at Rs. 1,196 on 0.13 million shares done between 1,165 -1,280 in 662 trades.
The CSE has been posting turnovers running into billions hitting an all time high in the peak of the bull run. A feature of the red hot market was day trading by small investors (as well as some biggies) who took advantage of the upward momentum buying and selling on the same day with no cash outlay and paying only once and not twice on brokerage on two transactions.
“All they had to do was collect their profits at the end of the day,” one broker said. “It was very hard for us because we were getting so many telephone calls and could not offer serious advice because we had no sense of market direction.”
They were not willing to hazard a guess on what will happen when trading resumes on Monday given the way things went on the last several days, but most expected the correction of the ASPI which began on Friday to continue.
“Look at this one example,” one market player said. “Central Finance (CF) closed at Rs. 116.50 on Friday, up Rs. 3.50 on 1.26 million shares done between Rs. 115-135 in 583 trades. DFCC Bank lost 40 cents to close at Rs. 74.10 on 0.77 million shares done between Rs. 73.10 and Rs. 78 in 296 trades. DFCC’s net assets value is way ahead of CF. It makes no sense.”
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Landslide Early Warnings issued to the districts of Colombo, Gampaha, Kalutara, Kegalle, Nuwara Eliya and Ratnapura
The National Building Research Organisation [NBRO] has issued landslide early warnings to the Districts of Colombo, Gampaha, Kalutara, Kegalle, Nuwara Eliya and Ratnapura valid from 09:00 hrs on 23.05.2026 to 09:00 hrs on 24.05.2026
Accordingly,
LEVEL III [RED] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Deraniyagala, Ruwanwella and Dehiowita in the Kegalle district and Ratnapura, Ayagama, Kuruwita and Eheliyagoda in the Ratnapura district.
LEVEL II [AMBER] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Seethawaka and Padukka in the Colombo district, Attanagalla in the Gampaha district, Palindanuwara, Ingiriya, Bulathsinhala and Horana in the Kalutara district, Yatiyanthota in the Kegalle district and Pelmadulla, Kiriella, Kalawana, Nivithigala and Elapatha in the Ratnapura district.
LEVEL I [YELLOW] landslide early warnings have been issued to the Divisional Secretaries Divisions and surrounding areas of Divulapitiya and Mirigama in the Gampaha district, Mathugama and Agalawatta in the Kalutara district, Bulathkohupitiya in the Kegalle district, and Ambagamuwa in the Nuwara Eliya district.
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Most people seeking green cards must now apply from outside US
The US has announced a new policy that means most immigrants seeking a green card will have to leave the country and apply at an embassy or consulate abroad.
The US Citizenship and Immigration Services (USCIS) said on Friday that people seeking a change in status must do so through consular processing outside of the country “except in extraordinary circumstances”.
The move – a part of the Trump administration’s effort to curtail illegal immigration – closes a loophole that had allowed visa holders and visitors to apply for a green card while still in the US.
Critics of the policy say the longstanding system allowed families to stay together during the lengthy application process.
The new method could also make it difficult or impossible for some immigrants who leave the country in hopes of gaining a green card to return.
The USCIS policy memo states that people such as students, temporary workers or people on tourist visas need to go through the Department of State from outside of the US.
“When aliens apply from their home country, it reduces the need to find and remove those who decide to slip into the shadows and remain in the US illegally after being denied residency,” USCIS said, making the system “fairer and more efficient”.
On X, the Department of Homeland Security, which oversees USCIS, said: “The era of abusing our nation’s immigration system is over.”
“We’re returning to the original intent of the law to ensure aliens navigate our nation’s immigration system properly,” USCIS Spokesman Zach Kahler said.
“From now on, an alien who is in the US temporarily and wants a green card must return to their home country to apply, except in extraordinary circumstances,” he continued.
Kahler said the policy allows the immigration system “to function as the law intended instead of incentivising loopholes” and that visits “should not function as the first step in the green gard process”.
It is unclear whether pending green card applications will be affected.
A spokesperson for the USCIS told the BBC that as the policy is rolled out, “people who present applications that provide an economic benefit or otherwise are in the national interest will likely be able to continue on their current path”.
“Others may be asked to apply abroad depending on individualised circumstances,” it said.
Being a green card holder, or lawful permanent resident, allows a person to live and work permanently in the US. Obtaining one is a multi-step process that can take months to several years.
There are currently more than a million legal immigrants waiting for approval on their adjustment of status green card applications, according to the Cato Institute’s director of immigration studies.
Kahler argued that following the law allows the majority of cases to be handled by the US State Department at consular offices abroad and frees up USCIS resources to focus on processing other cases that fall under its purview – such as visas for victims of violent crime and human trafficking, naturalisation applications, and other priorities.
The move is consistent with longstanding immigration law and immigration court decisions, the agency said. Immigration officers are being directed to “consider all relevant factors and information on a case-by-case basis when determining whether an alien warrants this extraordinary form of relief”.
Michael Valverde, who was a senior official at USCIS under both Republican and Democratic administrations until his departure last year, said to the BBC’s US media partner CBS that Friday’s announcement would “disrupt the plans of hundreds of thousands of families and employers annually”.
“This is a largely unprecedented move that will limit lawful immigration to the US greatly,” Valverde said. “People who followed the rules faithfully now face tremendous uncertainty.”
The Trump administration has instated bans or restrictions on citizens from nearly 40 countries.
Another policy from the administration this year has paused all visa issuances to immigrant visa applicants from 75 countries.
Overstaying a US visa can lead to deportation, ineligibility for future visas and re-entry bans lasting up to 10 years, according to the US State Department.
[BBC]
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Flood warning issued to the Aththanagalu Oya basin extended until 0600AM on Monday [25]
The warning mentioned in the flood warning message No. 01 issued for the Aththanagalu Oya basin on 22.05.2026 at about 5.30 am will be extended for the next 48 hours.
It is requested that residents in the area and vehicle drivers running through those areas pay high attention in this regard by the . Disaster Management Authorities are requested to take adequate precautions in this regard
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