Sri Lankan shares extend losses, LIOC falls 4-pct

EconomyNext – Sri Lankan shares extended their losing streak for the 11 straight session Monday in thin turnover with rising interest rates and political uncertainty keeping investors on the sidelines, brokers said.

The All Share Price Index closed at 7,050.91, down 40.34 points (0.57 percent) while the S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, shed 12.43 points (0.31 percent) to end at 4,035.54.

Turnover was a low 583 million rupees.

The benchmark index was brought down by losses in Ceylinco Insurance, Finlays Colombo, John Kells Holdings, Nestle and Lanka India Oil Corp (LIOC).

LIOC was the third most actively traded stock and fell two rupees (4.4 percent) to 43.00.

The stock had shot up seven percent or three rupees Friday after news it had struck a deal to develop its oil tank farm in the eastern port of Trincomalee.