Sri Lanka's stocks surge after parliament passes debt restructuring plan
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E-mail Xinhua, July 4, 2023
COLOMBO, July 4 (Xinhua) -- Sri Lanka's stocks rose after the Colombo Stock Exchange (CSE) opened after a three-day holiday on Tuesday.
Financial analysts claimed that the market surged after the parliament passed the domestic debt restructuring plan on Saturday, which eased concerns over financial sector stability in the South Asian country.
According to CSE data, the Colombo All-Share Price Index closed 6.7 percent higher, which is the biggest single-day gain in more than 15 months as reported by local media.
The Standard & Poor's Sri Lanka 20 (S&P SL20), which follows the performance of 20 leading publicly traded companies listed in the Colombo Stock Exchange, gained 9.5 percent.
Meanwhile, central bank data shows that the indicative rate of the Sri Lankan rupee advanced to 308.1 per U.S. dollar on Tuesday.
Speaking to the media, Dimantha Mathew, chief research and strategy officer at First Capital Holdings in Colombo, said that the domestic debt restructuring was limited to the central bank and superannuation funds, and this affected the stocks positively. Enditem
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