COLOMBO Oct 10 Sri Lankan stocks edged down on
Monday, led by blue chips on profit-taking, while trading volume
fell to a three-week low as investors stayed on the sidelines
awaiting direction from the budget and September-quarter
The benchmark index of the Colombo Stock Exchange
finished 0.3 percent weaker at 6,562.50.
Turnover was 336.2 million rupees ($2.30 million), the
lowest since Sept. 19, and less than half of this year's daily
average of around 751 million rupees.
Investors are not willing to sell at lower prices, resulting
in lower volume, said Prashan Fernando, CEO at Acuity Research.
Stockbrokers said the market might see lower trading volumes
as many investors await direction from the budget, scheduled on
Nov. 10, and the government's long-term economic policy
"Investors will make their moves depending on corporate
earnings in the September quarter," Fernando added.
A number of companies are expected to report their
September-quarter results later this month, stockbrokers said.
Foreign investors sold a net 7.7 million rupees worth of
shares on Monday, extending the net foreign outflow to 2.97
billion rupees so far this year.
Shares of Nestle Lanka Plc fell 4.15 percent,
while leading fixed-line phone operator Sri Lanka Telecom
dropped 1.05 percent.
($1 = 146.3700 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)