Sri Lanka halts stock trading as share prices plummet

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COLOMBO, April 25 (Xinhua) — Stock trading in Sri Lanka was halted again on Monday after the index of liquid stocks plummeted, with the All Share Price Index falling 9.6 percent and the S&P SL20 plunging 12.64 percent.

Trading was initially halted till 11:00 a.m. due to sharp falls when the stock exchange started, while prices continued to plummet, prompting the market to declare a halt for the rest of the day.

The stock market opened for the first time on Monday since a weeklong Sri Lankan New Year holiday and a subsequent five-day trading halt following the central bank’s move to hike the interest rates by 7 percent.

The Colombo Stock Exchange (CSE) temporarily closed the stock market for a period of five business days commencing on April 18.

The CSE has been adversely affected by the economic woes of the country and the index has fallen 26 percent by the end of March compared to the end of 2021.