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Sri Lankan shares fell over 2% on Monday in broad based selling, as worries over inflationary pressures from surging crude prices hit markets globally.

The CSE All-Share index ended down 2.52% at 10,960.49.

Oil prices soared and shares sank in frantic trading on Monday as the risk of a US and European ban on imports from Russia and delays in Iran's renewed nuclear talks boosted commodities and threatened a stagflationary shock for world markets.

Last week, Sri Lanka's central bank hiked both the key deposit and lending rates by 100 bps each to combat rampant inflation, and urged the government to consider measures including curbing non-essential imports and raising fuel prices to reduce pressure on the ailing economy.

The island-nation is facing one of its worst financial crises in years. Its reserves have plunged 70% since 2020, standing at $2.36 billion at the end of January. The country has debt repayments of about $4 billion in the remainder of this year.

Commercial Leasing and Finance Plc and conglomerate LOLC Holdings were the top drags, closing 19.83% and 6.6% down, respectively.

Foreign investors were net buyers in the equity market, picking up shares worth 234.7 million rupees, exchange data showed.

Equity market turnover was 3.52 billion rupees.

Trading volume rose to 102.9 million shares from 77.6 million shares in the previous session.

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