Sri Lankan stocks mark 2-wk closing low; budget, corporate earnings eyed

COLOMBO, Oct 13 (Reuters) – Sri Lankan shares closed at their lowest level in two weeks on Tuesday as investors waited for clues from government budget and September-quarter corporate results, brokers said.

The main stock index ended 0.3 percent, or 21.55 points, weaker at 7,078.45, its lowest closing since Sept. 30.

"Selling of large-cap shares was absorbed with the anticipation of the market reviving after the budget," said Danushka Samarasinghe, research head at Softlogic stockbrokers.

Analysts said investors were cautious ahead of Prime Minister Ranil Wickremesinghe’s policy statement next month outlining his government’s economic priorities.

Turnover stood at 1.16 billion rupees ($8.26 million), compared with this year’s daily average of 1.11 billion rupees.

Foreign investors were net sellers of 278.4 million rupees worth of shares on Tuesday, extending the year-to-date net foreign outflow to 3.08 billion rupees.

Shares of Chevron Lubricants Lanka Plc fell 1.80 percent, Union Assurance Plc dropped 7.39 percent and Dialog Axiata Plc declined 0.89 percent.
 (Colombo/October 13 2015)
 

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