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Stocks are tumbling on Monday as oil prices soared above USD120. European markets also plunged in early trade. Germany's DAX 30 and France's CAC 40 fell by as much as 3%, London's FTSE 100 down by 2%. The sell-off followed big losses in Asia especially net oil imports. ASPI now has lost over LKR 1Bn from the peak seen at mid-Jan. The index fell by 11% in Feb, 5.2% so far in March.
Interestingly, net foreign outflow observed for the last few years has turned to a net inflow. First two months of last year there was LKR 13.5Bn net foreign outflow but this year it is just LKR 2.8Bn YTD.