Sri Lankan shares retreated 3% on Friday to record their biggest weekly decline since late April, dragged down by industrials and financials, amid a worsening economic crisis in the country.
The CSE All-Share index ended down 3% at 7,472.39. The index posted a weekly fall of 5.4%, its worst week in seven.
Sri Lanka’s fuel stocks will last for about five more days, its power and energy minister said on Thursday, as the island nation awaits official confirmation from the Indian government for a new $500 million credit line for fuel.
Chronic fuel shortages have worsened this week with kilometres-long lines at some gas stations countrywide, leading to sporadic protests as vehicle owners wait, sometimes overnight, for petrol and diesel.
An IMF delegation will visit Sri Lanka on June 20 for talks as the country looks for a loan to deal with its economic crisis.
Sri Lanka, an island-nation of 22 million people, is suffering from its worst economic crisis since 1948.
Trading volume rose to 62.6 million shares from 41.7 million shares in the previous session.
Sri Lankan shares end lower; bailout package awaited
The equity market turnover was 1.2 billion Sri Lankan rupees ($3.34 million), data showed.
Foreign investors were net sellers in the equity market, offloading 61.8 million Sri Lankan rupees worth of shares, while domestic investors were net buyers, purchasing 1.19 billion Sri Lankan rupees worth of shares, according to exchange data.
Comments
Comments are closed.