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* Sri Lanka shares clock first weekly gain in five weeks
Fri, May 13, 2022, 07:46 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 13 (Reuters) - Sri Lanka shares rose to a five-week high on Friday and logged its first weekly gain in five weeks after the country’s president appointed veteran opposition politician Ranil Wickremesinghe as prime minister late on Thursday.

The CSE All-Share index closed 4.43% higher at 8,098.41 on Friday and clocked a 9% gain for the week, although stock markets were closed on Tuesday and Wednesday following violent clashes between protesters and government supporters across the country.

Sri Lanka’s main opposition party joined anti-government protesters on Friday in rejecting the appointment of a new prime minister, and insisted the president resign because of the country’s disastrous economic crisis.

Earlier this week, Sri Lanka’s central bank governor said he would quit within weeks unless political stability was restored.

Economic mismanagement, the COVID-19 pandemic and rising energy costs following Russia’s invasion of Ukraine have drained the island nation’s coffers, meaning Sri Lanka is running low on fuel and essential medicines and facing daily power blackouts.

The World Bank has promised financial aid to help the country overcome its economic crisis. Sri Lanka has also appealed to multiple countries and multilateral organisations for bridge financing until it gets aid from the International Monetary Fund.

The equity market turnover was 2.18 billion Sri Lankan rupees ($6.14 million) on Friday.

Trading volume rose to 117.5 million shares from 59.3 million shares in the previous session.

Foreign investors were net buyers in the equity market, buying shares worth 55.2 million rupees, while domestic investors were net sellers, offloading around 2.13 billion rupees worth of shares, exchange data showed.

Read More:: Reuters (Source)