Colombo shares see two market halts on Wednesday

Business

Sri Lanka’s stock market on Wednesday saw circuit breakers triggered twice as the S&P SL 20 plunged by over 5 per cent.

Some reports by brokers saying that the country’s forex reserves will be near zero by October 2022 and this will precipitate a likelihood of a sovereign debt default saw panic selling, analysts said.

Stockbrokers said that panic selling was also due to worries of margin calls, broker credits and Russian invasion in Ukraine with oil prices soaring high. All these will be worrying investors in the coming days, they said.

The turnover was Rs.4.5 billion.

The All Share Price Index was down by 374.54 or 3.23 per cent to close at 11,217.76. S&P SL 20 was down by 145.38 or by 3.69 per cent to close at 3,791.57.

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