COLOMBO Oct 12 Sri Lankan shares hit a two-week
closing low on Wednesday, their third straight session of
losses, as increased risk appetite by foreign investors failed
to offset selling pressure on index heavyweights and financials
ahead of corporate results.
Trading volumes were moderate as cautious investors waited
for announcements of corporate results for the September quarter
starting later this month and for direction on economic policy
when the country's budget is unveiled early November, brokers
The benchmark index of the Colombo Stock Exchange
ended 0.43 percent weaker at 6,510.18, its lowest close since
"Similar sentiment will prevail until the next month
budget," said Prasad Fernando, CEO at Acuity Research.
Turnover was 609.3 million rupees ($4.16 million), less than
this year's daily average of around 750 million rupees.
Foreign investors, who have sold a net 2.46 billion rupees
worth of shares so far this year, bought a net 270 million
rupees worth equities on Wednesday.
Top fixed-line phone operator Sri Lanka Telecom
lost 1.85 percent, while John Keells Holdings fell 0.39
Hatton National Bank and L B Finance,
both of which accounted for around 50 percent of the turnover
mainly due to purchases by foreign investors, ended 1.34 percent
and 0.08 percent weaker, respectively.
($1 = 146.3700 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Biju Dwarakanath)