SRI LANKA STOCKS FALL, RUPEE WEAKENS FOLLOWING POLLS

SRI LANKA STOCKS FALL, RUPEE WEAKENS FOLLOWING POLLS

SAM Staff,
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Sri Lanka stocks closed 0.45 percent lower Monday with foreign buying seen in Softlogic Holdings, and the rupee weakened against the US dollar on uncertainty after shock election results over the weekend, brokers and dealers said.

The rupee closed at 154.90/95 against the US dollar in the spot market, weakening from Friday’s close of 154.28/35 due to political uncertainty, dealers said.

“We didn’t see much outflows from stocks or bond markets, neither was there importer demand, this was purely a reaction to the election results,” one dealer said, as reported by EconomyNext.

Bond yields spiked during the day across all maturities.

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