Election Surprise Proves Letdown for Sri Lanka Investors
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An election hailed as a leap forward for Sri Lanka’s democracy is proving a step back for investors.
President Maithripala Sirisena’s government last week canceled casino licenses, and his first budget reduced public investment and included a one-off windfall tax on company profits. The country’s benchmark stock index fell the most in 17 months in the next trading session on Jan. 30, and is the world’s fifth-worst performer since a Jan. 8 election.