Colombo, May 12 (PTI) Sri Lanka's stocks index on Thursday jumped over three per cent after being closed for two days on the speculation of the appointment of a new Prime Minister and political stability in the island nation, dealers said.

“Today the market bounced back after the political limbo was broken following the announcement of the appointment of the prime minister,” a top market analyst was quoted as saying by the EconomyNext website.

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The main All Share Price Index (ASPI) closed 3.17 per cent or 237.99 points up at 7,754.62 at the close.

Shares in Expolanka Holdings were up 8.7 per cent to close at 172.50 rupees a share, Hayleys gained 8.4 per cent and closed at 69.80 rupees a share, while Commercial Bank ended 3.6 per cent up at 51.80 rupees a share, the report said.

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On Thursday, Opposition leader Ranil Wickremesinghe was sworn-in as Sri Lanka's new prime minister, days after his predecessor Mahinda Rajapaksa resigned following violent protests over the worst economic crisis in the debt-ridden island nation.

President Gotabaya Rajapaksa on Wednesday in his address to the nation said he would appoint a new prime minister and cabinet within this week. Analysts said it was purely on the sentiment that the political deadlock was somewhat broken.

However, if the same set of politicians is reappointed and if the people lose confidence in the government again, there would be grave repercussions, including a fall in the bourse, the report said.

The island nation saw the lifting of the 60-hour curfew at 0700 hours on Thursday.

The market remained closed for the last two days after the violence in the country.

The most liquid index S and P SL20 up 3.83 per cent or 93.59 points to close at 2,536.64, according to the EconomyNext news.

According to market analysts, investors were disappointed with the way the island's politics was moving despite the people's call for transparency and stability.

The day's turnover was 1.1 billion rupees, nearly a quarter of this year's average daily turnover of 4.2 billion rupees.

Sri Lanka's central bank Governor Nandalal Weerasinghe said the country did not have adequate dollars to import for the next one week.

Sri Lanka is facing its worst economic crisis since independence from Britain in 1948.

The crisis has provoked widespread protests calling for political reform and the resignation of President Gotabaya Rajapaksa.

The political crisis was triggered in late March when people hurt by long hours of power cuts and essential shortages took to the streets demanding the resignation of the government.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)