Loss of momentum on shadow of Brexit

It was an overall bearish week for the Colombo Stock Exchange amidst increased concerns and mixed sentiments with regard to the ambiguity on capital gains tax, rising interest rates.

Further, the UK vote on the Brexit or the UK's referendum to leave the European Union on June 23, Friday was a major global event which rattled global markets.

Finally the vote has come to an end and the voters have voted in favour of a Brexit: British exit from the European Union. The ASPI closed at 6370.11 down by 95.88 points or 1.48% compared to the previous week. The Brexit will cause problems for the Britain's economy in the short run where it is likely to have a negative impact on Britain's GDP, Inflation, unemployment rate, average real wages, housing prices and currency.