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Plantation stocks hit in the wake of reported tea export restrictions



Stock prices at the Colombo Stock Exchange (CSE)  in plantation sector  counters dropped yesterday with reported restrictions on Sri Lankan agricultural exports, including Ceylon tea,  from December 18, by  the Russian agricultural safety watchdog Rosselkhoznadzor.

On the previous day plantation sector counters picked up in the stock market but with the emergence of this new issue Sri Lanka plantation sector stocks are likely to be hit if the restrictions on exports continue, market analysts said.  Russia the biggest tea exporter of Sri Lanka tea, buys more than 23 percent of local tea exports. 'It took the decision to impose restrictions after an insect, known as the Khapra beetle, was found in the packaging of a consignment of tea from Sri Lanka, market sources said.

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