AGL 8.30 Decreased By ▼ -0.03 (-0.36%)
ANL 10.95 Increased By ▲ 0.25 (2.34%)
AVN 79.70 Increased By ▲ 1.51 (1.93%)
BOP 5.75 Increased By ▲ 0.18 (3.23%)
CNERGY 5.64 Increased By ▲ 0.26 (4.83%)
EFERT 79.36 Increased By ▲ 0.71 (0.9%)
EPCL 67.48 Decreased By ▼ -0.31 (-0.46%)
FCCL 14.89 Increased By ▲ 0.39 (2.69%)
FFL 6.70 Increased By ▲ 0.10 (1.52%)
FLYNG 7.16 Increased By ▲ 0.13 (1.85%)
GGGL 11.60 Increased By ▲ 0.26 (2.29%)
GGL 17.51 Increased By ▲ 0.27 (1.57%)
GTECH 8.35 Increased By ▲ 0.05 (0.6%)
HUMNL 7.17 Increased By ▲ 0.11 (1.56%)
KEL 3.14 Increased By ▲ 0.06 (1.95%)
LOTCHEM 35.20 Increased By ▲ 2.33 (7.09%)
MLCF 28.35 Increased By ▲ 0.05 (0.18%)
OGDC 87.70 Increased By ▲ 3.15 (3.73%)
PAEL 16.63 Increased By ▲ 0.18 (1.09%)
PIBTL 6.05 Increased By ▲ 0.20 (3.42%)
PRL 19.46 Increased By ▲ 1.34 (7.4%)
SILK 1.14 No Change ▼ 0.00 (0%)
TELE 11.41 Increased By ▲ 0.31 (2.79%)
TPL 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 20.25 Increased By ▲ 0.37 (1.86%)
TREET 27.10 Increased By ▲ 0.48 (1.8%)
TRG 96.20 Increased By ▲ 1.70 (1.8%)
UNITY 20.85 Increased By ▲ 0.48 (2.36%)
WAVES 13.90 Increased By ▲ 0.27 (1.98%)
WTL 1.34 Increased By ▲ 0.03 (2.29%)
BR100 4,275 Increased By 67 (1.59%)
BR30 15,794 Increased By 348.3 (2.26%)
KSE100 42,872 Increased By 628.4 (1.49%)
KSE30 16,219 Increased By 247.6 (1.55%)

Sri Lankan shares plunged nearly 7% on Wednesday as fuel shortage-induced countrywide power outages spooked investors amid the nation's worst economic crisis in years.

The CSE All-Share index was down 3.23% at 11,217.76 points at the closing bell, with IT, financial and industrial stocks fallinf the most.

The index, which is down 8.5% for the year, had touched a 4-month low during the trading session.

Sri Lanka's power regulator on Tuesday had approved a nearly five hour countrywide power cut on Wednesday due to inadequate diesel supplies. The regulator warned of doubling the outage duration from Thursday if no diesel was received by Wednesday.

Sri Lanka shares end flat after 4 sessions of losses

"The scheduled nationwide power cuts along with scarce fuel supplies have further spooked the markets today... With no incoming tourists, expenses piling up and crushing debt, the country has come to a near halt", said Abhijit Kukreja, senior vice president for emerging markets equities at Auerbach Grayson.

Conglomerates Lanka Orix Leasing Company Plc and Expolanka Holdings Plc were the top drags to the index, dropping 8.9% each.

India's foreign minister Subrahmanyam Jaishankar earlier in the day said that the country is willing to make investments in Sri Lanka to help ease the financial crisis.

Foreign investors were net buyers in the equity market, purchasing shares worth 169.7 million rupees ($840,099.01), however, domestic investors dumped shares worth 4.42 billion rupees and were net sellers, exchange data showed.

The equity market turnover was 4.52 billion rupees.

The trading volume jumped to 188.5 million shares from 103.5 million shares in the previous session.

On the other hand, global stocks broke a four-day slide on Wednesday and demand for safe-haven assets waned as investors eyed Russian President Vladimir Putin's next move after he sent troops into separatist regions of Ukraine.

Comments

Comments are closed.