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Sri Lankan shares end lower on profit-taking

COLOMBO, Oct 5 (Reuters) – Sri Lankan stocks ended down on Wednesday from their highest level in six weeks, hit in the previous session, led by profit-taking in Commercial Credit and Finance Plc, while the new tobacco tax weighed on Ceylon Tobacco Company shares.

The benchmark index of the Colombo Stock Exchange ended down by 0.18 percent at 6,571.78.

Commercial Credit and Finance Plc dipped 6.5 percent. The company’s shares jumped 34.6 percent in the previous session after Thailand’s Group Lease PLC bought a 30 percent stake in the firm.

Shares in Ceylon Tobacco Company fell 0.9 percent over concern about a 20 percent tobacco tax weighing on the company’s profit.

Foreign investors sold a net Rs79 million ($540,725.5) worth of shares on Wednesday, extending the net foreign outflow to Rs2.93 billion worth of equities so far this year.

Turnover stood at Rs503.3 million, less than this year’s daily average of around Rs758 million.

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