Sri Lankan stocks drop; telcos, banks drag after budget measures
Posted on November 10th, 2017

COLOMBO, Nov 10 (Reuters) – Sri Lankan shares fell on Friday, weighed down by declines in telecom and banking stocks after the island nation targeted both cash-rich sectors in its 2018 budget to boost revenue.

Sri Lanka imposed new taxes on motor vehicles, telecoms, banks and liquor in a bid to boost revenues in its 2018 budget outlined on Thursday, as the budget deficit for the current year slipped to 5.2 percent of the gross domestic product.

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