Business

Colombo shares drop amidst new government’s crackdown on corruption

19 January 2015 - 488   - 0

Retailers took profits at the Colombo share market on Monday amidst allegations of bribery and shady practices levelled at the previous regime headed by Mahinda Rajapaksa, brokers said. The all share price index (ASI) dipped 142.87 points to close at 7,370.99 (-1.9 per cent), the S&P SL20 dipped 103.67 points to close at 4,144.36 (_2.44 per cent) as per provisional data. The turnover for the day amounted to RS 859.7 million. Analysts said that the geopolitical fears would hold down the ASI. With the election of the new president, they added that stability and the efficacy of the coalition Government maybe under some threat with the former President Rajapaksa still not being totally checkmated. They added that enough mid caps still exist with an upside, which have very little to do with the political scenario.

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