Colombo shares down on interim injunction against MR 

Colombo shares were down on Tuesday morning after the Court of Appeal temporarily barred former President Mahinda Rajapaksa from acting as prime minister and the operation of the cabinet of ministers, after the opposition filed a petition challenging his refusal to step down despite losing two no-confidence motions last month. 

Analysts said traders regard this as bad news and are now cashing in. The All Share was down by 0.28 per cent by 11.15 to stand at 6,008.03 with liquid index S&P down by 0.9 per cent to stand at 3,172.34 on a Rs. 158 million thin turnover by this time. 

The Appeal Court issued an interim injunction on Monday after 3 pm restraining the newly appointed Prime Minister, Mr. Rajapaksa and his freshly formed cabinet of 49 ministers from continuing to function in their respective portfolios. The order was issued when the Court of Appeal considered a Writ of Quo Warranto petition which was filed by 122 MPs including UNP Leader and former PM Ranil Wickremesinghe. Further, the petition will be taken up again on December 12.

The country has been gripped by a constitutional face-off between President Maithripala Sirisena and his sacked Prime Minister Ranil Wickremesinghe, who refuses to step down. (DEC)