Sri Lanka stocks up 2.5-pct after new PM appointment

ECONOMYNEXT – Sri Lanka’s stock market opened with a 2.5 percent gain on Friday, a day after President Gotabaya Rajapaksa appointed opposition lawmaker Ranil Wickremesinghe as the prime minister.

The appointment of Wickremesinghe, who is seen as a leader who can help the country to face the ongoing economic crisis, is expected bring some political stability in the crisis hit country with the appointment of a new cabinet later on Friday or over the weekend.

Market analysts had expected a sharp gain in the index after Wickremesinghe’s appointment. (Colombo/ May 13/2022)