Colombo shares see high turnover amidst SC’s pending decision

Business

COLOMBO, Tuesday - Sri Lanka’s stock market was down on high turnover at Tuesday’s opening amidst the growing political chaos which will come to a head at today’s Supreme Court (SC) decision.

The main All Share Price Index was down by 0.02 per cent to stand at 5,981.21 points by 10.31 am with liquid S&P down by 0.06 per cent standing at 3,104.06 points on a Rs. 6.2 billion turnover.

The country has been thrust into a deeper constitutional crisis after President Maithripala Sirisena dissolved parliament on November 9 and called for a general election in January 2019.
Political parties and civil society activists have challenged this move in the Supreme Court. The decision of whether dissolving the legislature is legal or not by the SC is expected today.

The rupee hit a record low of 179.90 to the dollar as at Monday and has dropped 14.4 per cent so far this year with analysts saying the political crisis has aggravated the economic situation. (DEC)

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