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Leading News from Sri Lanka::

* Sri Lankan shares boosted by financials; April inflation drops
Thu, May 21, 2020, 07:26 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 21 (Reuters) Sri Lankan shares rose on Thursday, riding on gains in financial and consumer staples stocks. The benchmark stock index, which has fallen 21.9% so far this year, closed up 2.78% at 4,784.8.

** The news came a day after rating agency S&P lowered the country’s sovereign rating to “B-,” citing fiscal deterioration due to the coronavirus pandemic

** S&P also forecast that the virus outbreak would push Sri Lanka’s economy into recession in 2020

** Among top boosts to the index were shares of Commercial Bank of Ceylon Plc, which rose 14.2%, and Lanka ORIX Leasing Company Plc, which advanced 12.6%.

** Foreign investors were net sellers in the equity market, offloading 1.38 billion Sri Lankan rupees ($7.40 million) worth of shares, according to exchange data.

** The Sri Lankan rupee was quoted at 186.5 against the U.S. dollar as of 1008 GMT, 0.27% stronger compared to the previous session’s close of 187, according to Refinitiv data. The currency has fallen 3.14% this year.

** Equity market turnover was 2.3 billion Sri Lankan rupees, data showed.

Read More:: Reuters (Source)