Colombo shares down amidst Parliament jitters

News

Sri Lanka’s stock market was down on Wednesday morning when the country’s political crisis took a new turn with Parliament passing a no confidence motion against Prime Minister Mahinda Rajapaksa.

High turnover was generated by 844,000 share of Access stock being trade by 10.30 am. Amidst an element of chaos where a no confidence motion against the PM was passed in the legislature with ruling party (SLFP/SLPP) members voicing their protest, Mr. Rajapaksa walked out of the chamber.

Parliamentary sittings were then suspended till tomorrow, with analysts saying the President may have to call on former Prime Minister Ranil Wickremesinghe to form a government.

However that would depend on whether the ruling party headed by President Maithripala Sirisena and Mr Rajapaksa, accept the events in parliament or is planning another strategy to stay in power.

A three judge bench of Sri Lanka's Supreme Court (SC) gave an interim order on Tuesday suspending the gazette issued by the President dissolving the Parliament.

The main All Share Price Index was down by 0.58 per cent to stand at 5,958.91 points by 10.30 am with liquid S&P down by 0.74 per cent to stand at 3,105.61 points on a Rs. 512 million turnover and 4 million share volume. ODEL, a subsidiary of Softlogic Holdings Ltd (SHL), saw 92 per cent of the company amounting to 249 million shares trade on Tuesday on a turnover of Rs. 6.2 billion at the Colombo Stock Exchange (CSE). (DEC)

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 475 - 0

Flt Lt Kasun Cumaratunga , more than a pilot, a guardian remembered on his 37th death anniversary

Kasun, was born in 28th Sept 1964, the grandson of the legendary author and linguist Munidasa Cumaratunga and son of SSP Bindu Kumaratunga and Winifred

June 2, 2025

- 443 - 0

National Tax week launched

The Inland Revenue Department (IRD) backed by the Excise and Customs Department today launched a fresh drive to collect taxes including some Rs.780 billion listed as ‘collectable defaults’.

June 2, 2025

- 344 - 0

SriLankan Airlines’ new A330 Fleet to perform low fly past over Colombo on Wed.

May 29, 2025

- 259 - 0

Mahindananda and Nalin Fernando Jailed

Former Sports Minister Mahindananda Aluthgamage and former Sathosa Chairman Nalin Fernando have sentenced to 20 and 25 years respectively after they were found guilty in a case of fraud.

May 30, 2025

- 254 - 0

In Pix: Weather situation in Colombo

June 3, 2025

- 183 - 0

Krishanthi Kumaraswami convicts FR dismissed by SC

The Supreme Court today unanimously dismissed a Fundamental Rights petition filed by five convicts in the 1996 Krishanthi Kumaraswamy abduction, rape, and murder case.