Ranil Rally – stocks up another 5%


May 13, 2022 (LBO) – Sri Lanka’s main stock market indices continued their surge finishing the day up another 4-5%. This comes on the back of yesterdays 3-4% gains on speculation that Ranil Wickremesinghe would be sworn in as Prime Minister for the 6th time.

As Wickremesinghe assumed duties at the Prime Ministers Office today, markets surged on relatively light volumes of approximately Rs2bn (US$6mn).

The new Prime Minister has given investors hope that the economy will be able to stage a recovery, and shortages of essential commodities would be alleviated. His appointment as PM received an almost immediate response from the US Ambassador to Sri Lanka, followed by positive reception from the rest of the diplomatic corps.

One of the first meetings the new PM had was with the Indian High Commissioner. India’s support has been critical in maintaining the supply of fuel and medicine, and Wickremesinghe is said to be viewed favourably by the superpower next door.

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