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Ranil sparks stock market Rebound

(Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

May 12, 2022 (LBO) - The main stock market indices in Sri Lanka surged on Thursday, the first day of trading following a market shut down due to curfews resulting from political violence throughout the country.

The main indices finished up in-between 3-4% on light volume of Rs1.2bn (US$3mn). Due to the political violence and dire warnings from the country's Central Bank Governor, many market participants were expecting a significant selloff.

The surge in the indices comes on the back of intense speculation that 5-time former Prime Minister Ranil Wickremesinghe will show a majority in parliament and be sworn in as early as this week.

Wickremesinghe is viewed by many as the best choice to steer Sri Lanka out of perhaps its worst ever economic crisis.
He is seen as having strong ties to India and the West, whose support will be essential in resolving Sri Lanka's complex economic conundrum.

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