Sri Lanka shares fall to over-12-week low

COLOMBO, July 7 (Reuters) – Sri Lankan shares fell to their lowest in more than 12 weeks on Tuesday led by market heavyweight John Keells Holdings Plc as political uncertainty dented investor sentiment ahead of parliamentary elections.

The main stock index ended 0.31 percent weaker at 6,967.78, its lowest close since April 10.

The day’s turnover was 713.5 million rupees ($5.34 million), less than this year’s daily average of 1.07 billion rupees.

Shares in John Keells Holdings fell 1.1 percent while Hatton National Bank Plc fell 2.16 percent, dragging the overall index.

President Maithripala Sirisena dissolved parliament on June 26 and scheduled elections for Aug. 17, in an effort to consolidate power and push through political reforms.

However, political analysts do not as yet see a clear winner in the elections.

The market saw a net foreign outflow of 161.7 million rupees on Tuesday, extending the net outflow for the past 29 sessions to 4.8 billion rupees.

However, foreign investors are net buyers of 1.09 billion rupees worth of shares so far this year.

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