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Monday May 10th, 2021
Markets

Sri Lankan shares end at 2-week low ahead of corporate results

COLOMBO, Oct 12 (Reuters) – Sri Lankan shares hit a two-week closing low on Wednesday, their third straight session of losses, as increased risk appetite by foreign investors failed to offset selling pressure on index heavyweights and financials ahead of corporate results.

Trading volumes were moderate as cautious investors waited for announcements of corporate results for the September quarter starting later this month and for direction on economic policy when the country’s budget is unveiled in early November, brokers said.

The benchmark index of the Colombo Stock Exchange ended 0.43 percent weaker at 6,510.18, its lowest close since September 27.

"Similar sentiment will prevail until the next month’s budget," said Prasad Fernando, CEO of Acuity Research.

Turnover was Rs609.3 million ($4.16 million), less than this year’s daily average of around Rs750 million.

Foreign investors, who have sold a net Rs2.46 billion worth of shares so far this year, bought a net Rs270 million worth equities on Wednesday.

Top fixed-line phone operator Sri Lanka Telecom lost 1.85 percent, while John Keells Holdings fell 0.39 percent.

Hatton National Bank and L B Finance, both of which accounted for around 50 percent of the turnover mainly due to purchases by foreign investors, ended 1.34 percent and 0.08 percent weaker, respectively.

 

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