Sri Lankan stocks rise following appointment of new PM
May 14, 2022
Colombo [Sri Lanka], May 14: Sri Lanka's stock market gained on Friday following the appointment of United National Party leader Ranil Wickremesinghe as the country's new prime minister on Thursday.
The All Share Price Index rose 4.43 percent to close at 8,098.41 points and the S&P SL20 rallied 5.22 percent to 2,662.31 at the close.
The Colombo Stock Exchange has been adversely affected by the economic woes in the South Asian country, and the index has fallen 26 percent by the end of March compared to the end of 2021.
Wickremesinghe is expected to form a new government that could stabilize economy and manage the discussions with the International Monetary Fund to seek financial aid.
Sri Lanka has been plunged into weeks of economic crisis stemming from a foreign exchange shortage which has led to a shortage in essential supplies such as fuel, food and medicines. ■