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Volumes down as bourse reacts to expropriation bill

Sri Lanka’s stock market reacted to the uncertainty caused by the expropriation bill with plummeting numbers of trades.

After a holiday on Thursday, turnover on Friday was 393.7 million Sri Lanka rupees, a fraction of this year’s average of 2.5 billion per day.

The total volume of shares traded was just 13.6 million shares, against a five-day average of 28.3 million and a 90-day average of 102.4 million reported Reuters.

"Nobody knows what they are taking over, whether it's just the land or the shares of the company," a bourse official told Reuters on condition of anonymity, referring to the two listed companies – Pelwatte Sugar Industries and Hotel Developers Lanka Plc – that are on the list of 37 companies to be taken over.

"We are awaiting something substantial on what is really happening," he said.