Bourse marks 2-week closing low; budget, corporate earnings eyed

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 per cent, or 21.55 points, weaker at 7,078.45, its lowest closing since 30 September.

“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 yesterday, extending the year-to-date net foreign outflow to 3.08 billion rupees.

Shares of Chevron Lubricants Lanka Plc fell 1.80 per cent, Union Assurance Plc dropped 7.39 per cent and Dialog Axiata Plc declined 0.89 per cent.