Colombo shares open sharply up, but on thin trade

News

Amidst a deepening constitutional crisis and political uncertainty, Sri Lankan’s Colombo Stock Exchange (CSE) opened sharply up with both indices up, albeit on thin volumes, analysts said.

The All Share Index went up by 1.96 per cent to stand at 5,946.21 by 10 am with the S&P Index going up by 2.06 per cent to stand at 3,058.99 points. The turnover was Rs.95.09 million on a volume of 9 million shares by this time.

President Maithripala Sirisena shocked the country on Friday night by announcing the dismissal of the Prime Minister Ranil Wickremesinghe and replacing him with Mahinda Rajapaksa, who he ousted in a 2015 election when Rajapaksa was President. In 2015, he with Mr. Wickremesinghe promised an end to the allegations of corruption, nepotism and human rights abuses that surrounded Rajapaksa’s regime.

The ousted Prime Minister says that his dismissal is unconstitutional and has refused to vacate Temple Trees, the prime ministerial residence. Analysts say shares prices are expected to rise further today.

(DEC)

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