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Friday May 14th, 2021
Markets

Sri Lanka shares near 11-week low

COLOMBO, July 6 (Reuters) – Sri Lankan shares fell on Monday to a near-11-week low hit last week led by large-cap shares such as Nestle Lanka Plc and Ceylon Tobacco Company Plc on political uncertainty ahead of parliamentary elections.

The main stock index ended 0.25 percent weaker at 6,989.41, hovering near its lowest close since April 15 hit on Thursday.

The day’s turnover was 453.5 million rupees ($3.40 million), well below this year’s daily average of 1.07 billion rupees.

Shares in Nestle Lanka Plc fell 3.06 percent while Ceylon Tobacco Company Plc fell 0.52 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.

The market saw a net foreign outflow of 88.5 million rupees on Monday, extending the net outflow for the past 28 sessions to 4.7 billion rupees.

However, foreign investors are net buyers of 1.25 billion rupees worth of shares so far this year.

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