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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Political uncertainty results in Colombo Stock Market slump

Political uncertainty results in Colombo Stock Market slump

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Teller

Teller
Moderator
Moderator

The Colombo Stock Market faces an acute down turn with the depreciation of the Sri Lankan rupee due to the political uncertainty prevailing in the country. Speaker of Parliament yesterday decided to adjourn the House until next Tuesday, despite its failure to reach a final decision with regard to the appointing of three civil society representatives to the Constitutional Council.

It was reported that a final agreement with regard to the three CC members would be reached at the special Parliament session. However, no final decision had been reached at the one-and-a-half hour long party leaders' meeting held with the participation of the Speaker.

But with these developments, 169 companies listed in the CSE released their financial reports for the financial quarter,but, there is a 49 percent growth in the market when compared to 2011.

Head of Market Softlogic Stock Brokers Eardly Kern said that political uncertainly is the root cause for the slump of the Colombo Stock Market along with the rupeee depreciation against the dollar.

Financial experts say due to the Sri Lanka rupee being depreciated as against the US dollar most of foreign investors are likely exiting the market. This will resulted in market to go further down due to political uncertainty.

Further, there is a high risk of exiting foreign investors from the CSE, because the US dollar is likely to go up by Rs 145 which has a negative impact on the entire economy. At present US dollar selling rate is around Rs 135. by Reuters...

samaritan


Moderator
Moderator

Politician's explanation to Teller's brief would be:

"Aiyo what is this malli, During 1st world war things were much worse, so be happy that this is only rupee depreciation and the sudda pulling out!"

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