Colombo stocks didn’t react on Monday to Sri Lanka’s cabinet reshuffle which saw the induction of a new finance minister, data and traders said.
As at 12 noon, the all share price index was down 12.54 points or 0.19 per cent to 6,717.12 while the S&P SL 20 index was down 25.60 points or 0.67 per cent to 3,819.08. Ravi Karunanayake (Finance Minister) and Mangala Samaraweera (Foreign Minister) swapped positions as nine new cabinet ministers were appointed on Monday,
“The market is reacting more to global fund flows to frontier markets, and in some cases, attractive valuations of select stocks, rather than local political developments,” one trader said adding: “Most ministers are perceived as ineffective - reshuffling the same pack of people is unlikely to deliver materially better results.” – Ends
A Sri Lanka Air Force Bell 212 helicopter belonging to the No. 72 squadron has crashed into the Madhuru Oya reservoir this morning, Air FOrce Media Spokesman Eranda Geeganage said.
Read this week’s Sunday Times for your interesting articles including the ’’5th Column’’.
In its first electoral test since taking power, the ruling National People’s Power (NPP) fell short of expectations, winning only around 40 % of the national vote in Tuesday’s local government election and falling short of enough seats to gain control of the majority of councils.
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