Colombo shares down as political crisis intensifies

News

Colombo’s stock trading recorded Rs. 1.3 billion turnover at Wednesday’s close with shares ending in the red amidst a weeks-long constitutional crisis, where bargain hunters were in the lead steering the market, analysts said.

They said that quick profits was the name of the game during the past few days with retailers trying to mirror the share patterns some years ago. They said this was especially dangerous as the rupee was becoming weaker due to dollar demand for outflows in government securities stocks.

The country’s political turmoil remains, triggered on October 26 when President Maithripala Sirisena appointed his predecessor Mahinda Rajapaksa as Prime Minister, after abruptly firing the incumbent, Ranil Wickremesinghe, who claims he’s still in charge.

The All Share Index (ASI) was down by 1.24 cent to close at 5,987.21 points with S&P down by 2.51 per cent to 3,110.64 points. (DEC)

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