Sri Lanka halts stock trading for 2nd consecutive day amid falling share prices

view original post

Colombo [Sri Lanka], April 26 (ANI): Sri Lankan stocks plummeted shortly after opening for trading on Tuesday, leading the stock market to close early for the second day in a row.

The All Share Price Index fell by 8.1 per cent while the SP Sri Lanka 20 fell by 9.87 per cent at the close of trading, Xinhua News Agency reported.

According to the news agency, the total turnover was just over 800 million rupees (2.35 million U.S. dollars) as investors tried to minimize losses. Shares are expected to fall further as the country tries to overcome its economic woes.

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

The Colombo Stock Exchange has been adversely affected by the economic woes of the country, and the index has fallen 26 per cent by the end of March compared to the end of 2021, as per Xinhua.

Sri Lanka is gripped by one of the worst-hit economic crises since the country gained independence in 1948.

Due to energy shortages, some parts of Sri Lanka have rolled blackouts while the country’s foreign debt is estimated at USD 51 billion. (ANI)