Colombo shares up as political chaos continues

News

Colombo shares were up at Monday’s start after retailers cashed in on their profits on Friday amidst Sri Lanka's political turmoil.

The All Share Index (ASI) was up slightly by 0.2 per cent to stand at 6,104.41points by 10.35 am with S&P up by 0.31 per cent to stand at 3,218.25 points on a Rs. 304 million turnover.

On Sunday, President Maithripala Sirisena issued an order to reconvene Parliament on November 14, when lawmakers will get the chance to hold a confidence vote on the nation’s former strongman Mahinda Rajapaksa who has been named prime minister. This brought some clarity into a chaotic situation which was triggered when Mr. Sirisena on October 26 fired Prime Minister Ranil Wickremesinghe and replace him with Rajapaksa, a popular and controversial former leader that he defeated in a 2015 election.

Analysts say that that given the current political crisis, the sudden increase of the stock market may be brief, while foreign investors may sell further despite them being net buyers for the first time in 15 market days with Rs.66.9 million on Friday. Friday foreign buying was at Rs. 837 million – mostly in HNB and Commercial bank and foreign selling was Rs770 million.

Analysts also say that already the mafia of high net worth investors and their crony stockbrokers who mobilised political pressure during Mr. Rajapaksa’s presidency are flocking into the market. (DEC)

Comments

Still No Comments Posted.

Leave Comments

Most Reviews

May 31, 2025

- 481 - 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

- 448 - 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

- 351 - 0

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

May 29, 2025

- 261 - 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

- 259 - 0

In Pix: Weather situation in Colombo

June 3, 2025

- 187 - 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.