Sri Lanka stocks halted twice amid sell off

ECONOMYNEXT – Trading in Sri Lanka’s stock were halted for the second time Tuesday as the market corrected after steep gains made in recent weeks.

The Colombo Stock Exchange halted trading at 1331 for 30 minutes after the S&P 20 Index fell below 5 percent.

Shortly after opening the S&P 20 Index fell below 7.75 percent triggering a second circuit breaker till 1417hours.

The market closed at 1430 to recovering with the S&P 20 Index recovering to 6.25 percent according to stock exchange provisional data.

The benchmark All Share Index was down 5.77 percent.

Sri Lanka’s stock had been rising steeply amid excess liquidity in money markets from debt monetization and unusually high profits in some companies.

Sri Lanka’s stock has been among the best performing the world.
(Colombo/Feb02/2021)

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