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Sri Lanka stocks down 11-pct amid Coronavirus fears, trading to stop at 1200noon

ECONOMYNEXT – Sri Lanka’s stocks plunged over 11 percent measured by the Standard and Poor’s SL 20 Index, in the biggest intra-day fall seen for the index before recovering, while the benchmark All Share Index fell over 5-percent as the government slapped full days curfews over the weekend.

The Colombo Stock exchange said trading will halt at 1200 noon to allow staff to get home.

Stocks had steadied to be down 10.7 percent by the S and P SL20 Index, in the second hour of trading, after a 30 minute trading halt, data from the Colombo Stock Exchange said.

Turnover was 314 million rupees.

Bond markets were inactive, dealers aid. Trading in Sri Lanka’s forex markets were also thin with no active two way quotes with the rupee under pressure amid unprecedented liquidity injections.

Sri Lanka’s bond markets were inactive with a sporadic quote on a 2-year bond at 9.65/77 percent.

Sri Lanka’s central bank slapped import curbs and also stopped bank from buying Sri Lanka’s dollar sovereign bonds.

Sri Lanka is imposing curfew from 600 pm Friday till Monday morning. (Colombo/Mar18/2020)

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