COLOMBO (Reuters) -
Sri Lankan shares hit their lowest close in a week yesterday as investors remained on the sidelines and sought more clarity after the main opposition party, seeking to capitalise on public clamour for a decisive leader, named a hardline former defence chief as presidential candidate.
The benchmark stock index ended down 0.38 percent at 5,894.51, its lowest close since Aug. 8. The index posted a loss of 0.82 percent this week, its first weekly decline in eight.
Sri Lankans, angered by the government’s inability to prevent the Easter Sunday terror attacks that killed more than 250 people, wanted a strongman back in power who can guarantee their safety and bring back economic growth.
The market was expecting to hear a list of policies from former defence chief Gotabaya Rajapaksa as well as the ruling party’s presidential candidate, dealers said.
Gotabaya, 70, served under his older brother, ex-president Mahinda Rajapaksa, and is widely seen as the frontrunner in a presidential election that must be held before Dec 9. Gotabaya is immensely popular among Sri Lanka’s powerful Sinhala Buddhist majority, who credit him with ending the island nation’s 26-year-long civil war in 2009 and believe Colombo needs a seasoned hand after the April 21 bombings.
Foreign investors, who exited from risky assets for the two straight sessions ever since Gotabaya was nominated, bought a net Rs.6.2 million worth of shares yesterday.
The market had gathered strength earlier this week amid speculations of the wartime defence chief contesting for presidency, dealers said.
So far this year, the index dropped about 2.6 percent.
Add commentComments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
With the increase in egg prices the government decided to import eggs to regu
In order to critically discuss a movement, we must first understand its etymo
Many battles were fought during the long war between the Sri Lankan armed for
When can one say they’ve had enough of being in a state of ‘wokeness’ a
29 Mar 2023 - 2 - 939
28 Mar 2023 - 8 - 1005
24 Mar 2023 - 1 - 1394
23 Mar 2023 - 1 - 3724
Name - Reply Comment