Shares plunge 5% as economic crisis worsens; Russia invades Ukraine

REUTERS: Sri Lankan shares ended 5 percent lower on Thursday as the country struggles with its worst economic crisis in years, while global stock markets slumped after Russia’s invasion of Ukraine.

IT and energy stocks logged sharp losses on the CSE All-Share index  that ended down 5 percent at 10,657.05 points.
The benchmark index witnessed its worst day in over a year and closed at its lowest level in more than three months.

Conglomerates Lanka Orix Leasing Company PLC and Expolanka Holdings PLC were the top drags to the index, ending 10.7 percent and 9.5 percent lower respectively.
Foreign investors were net buyers in the equity market, purchasing shares worth Rs.117.1 million while domestic investors offloaded shares worth Rs.3.66 billion rupees and were net sellers, exchange data showed.

The equity market turnover was Rs.3.71 billion. The trading volume dipped to about 164 million shares from 188.5 million shares in the previous session.
The Sri Lankan rupee weakened to 202 against the dollar, hitting their lowest level in over 10 months Earlier this week, a Cabinet spokesman had said that a war in Ukraine would really hurt Sri Lanka as the country faces an acute fuel shortage.

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