Sri Lankan stocks slide by nearly 33%, world's worst losers after Russia

The slide in Sri Lankan shares is leading the reversal in a broader gauge of Asia's frontier-market equities after it rallied in 2021.

The boom in Sri Lanka’s stocks has turned to bust as a 33% slide renders the market the world’s worst performer this year after Russian equities.

The Sri Lanka Colombo Stock Exchange All Share Index is tumbling as protests mount nationwide against soaring inflation and power cuts. A growing political crisis has torpedoed a market that rallied 80% in 2021 -- the world’s best performance after Mongolia -- with the central bank chief’s resignation on Monday further complicating the picture.

The slide in Sri Lankan shares is leading the reversal in a broader gauge of Asia’s frontier-market equities after it