Business

Sri Lanka’s stock index nosedives after Basil speech

Sri Lanka’s stock index closed 3.6 percent weaker on Wednesday (08), a day after Finance Minister Basil Rajapaksa revealed a grim reality about the economy, as investors booked profits amid margin calls, brokers said.

Wednesday’s loss was the largest percentage index fall since February 22, the bourse data showed.

Finance minister in his debut speech in the parliament said that Sri Lanka is facing severe external crisis as well as a domestic crisis with revenues falling and expenses continuing to rise. He also said the government will not borrow expensive loans and will only go for concessionary loans.

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