Sri Lankan stocks slump to three-week low

EconomyNext – Sri Lankan stocks slumped for the fourth successive session Wednesday, its lowest in three weeks, as rising interest rates reduced investor appetite for stocks, brokers said.

The All Share Price Index ended at 7,202.20, down 32.72 points (0.45 percent) while S&P SL 20 index, which tracks the top 20 largest and most liquid stocks, fell 15.45 points (0.38 percent) to close at 4,092.84.

Turnover was a low 639 million rupees.
The benchmark index was dragged lower mainly by falls in Dialog Axiata and Sri Lanka Telecom after a rating report said new government taxes would reduce profitability of telcos.

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