November 5, 2018 (LBO) – Sri Lanka’s constitutional crisis has lit a fire under the counrty’s stock market sending trading volumes soaring. Trading at the Colombo Stock Exchange passed the Rs4bn (US$23mn) mark with the trading day nearing a close.
Trading volume is being driven by transactions in market bellwether John Keells Holdings (JKH). Over Rs3.5bn worth of shares have transacted today amounting to approximately 1.5% of the company. Trading in JKH since the start of the political crisis has been driven by foreigners selling and locals buying.
Most of the shares transacted today have been at a price close to Rs150/share. A few weeks before the crisis the stock bottomed at Rs126/share and post crisis had jumped as high as Rs155/share before settling at todays level, where significant transactions are taking place.
(To be Updated)