COLOMBO Oct 13 Sri Lankan shares closed below a
key psychological level of 6,500 on Thursday in thin trade as
most investors stayed on the sidelines awaiting directions from
corporate results and the budget scheduled for early next month.
The benchmark index of the Colombo Stock Exchange
fell for a fourth straight session and ended 0.35 percent weaker
at 6,487.13, its lowest close since Sept. 27. It has shed 1.45
percent in the past four sessions.
"Investors will wait for clear directions on capital gain
tax (in the budget)," said Prashan Fernando, CEO at Acuity
Stockbrokers. "So until the budget, we may see low-volume
Turnover was 372.2 million rupees ($2.54 million), less than
half of this year's daily average of around 750 million rupees.
Foreign investors, who have sold a net 2.37 billion rupees
($16.19 million) worth of shares so far this year, bought a net
88.7 million rupees worth equities.
Trading volumes have been low 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
Top conglomerate John Keells Holdings fell 1.36
percent, while private lender Commercial Bank of Ceylon
dropped 0.47 percent.
($1 = 146.3700 Sri Lankan rupees)
(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)