Sri Lanka’s stock trading was for 30 minutes for the second time on Friday as an index of liquid stocks dropped 9.6 percent, after a trading re-started from a earlier fall of 5.0-pct extending a rout seen over recent days.
The market has “been halted for 30 minutes due to the S&P SL20 index dropping over 7.5% from the previous close,” the Colombo Stock Exchange said. The halt will be lifted at 11.33am.
“..the Market has been halted for 30 minutes due to the S&P SL20 index dropping over 5% from the previous close,” the Colombo Stock Exchange said.
Sri Lanka’s stock have been moving up with money printed to keep interest rates low which has de-stabilized an unstable flexible exchange rate or soft-peg.
Prices were partly driven by inflation expectations, with export firms in particular promoted with currency depreciation expected due to money printing.
Overnight there were protests near President Gotabaya Rajapaksa’s residence.
Protestors were peaceful but there was a sudden violence. It is not clear who triggered the violence.