May 18, 2022 (LBO) - Colombo stocks consolidated gains after a recent sharp three day rally. Major indices finished down slightly on the day but are still up over 10% in the last week.
For the first time during the recent upsurge, daily trading reached a value of approximately US$10mn. This level of volume would be considered moderate in Sri Lanka's thinly traded stock market.
Colombo's stock market has been on a tear after speculation then transitioned into the swearing in of Prime Minister Ranil Wickremesinghe for the 6th time. Wickremesinghe's recent political rise comes on optimism that he will be able to turn around Sri Lanka's economy.
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The country's economy is in a perilous state, having depleted its entire foreign reserves.
Sri Lanka for the first time in history recently defaulted on its sovereign debt. The country has more of less run out of Petrol and cooking gas, with new supplies hoped to alleviate shortages by the end of the week.