Wednesday, 19 March 2014 00:56
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Reuters: Shares edged down on Tuesday in thin trade, led by a fall in Nestle Lanka Plc and foreign outflows as investors were cautious ahead of a UN resolution on the country’s human rights record later this month.
The main stock index fell 0.11%, or 6.47 points, to 5,907.64.
The day’s turnover was at Rs. 509 million ($3.90 million), nearly half of this year’s daily average of about Rs. 912.8 million.
Analysts said investor sentiment has been dented on concerns over the UN resolution, which could have an impact on the country’s economy. Many potential buyers in risky assets are staying on the sidelines awaiting clear direction.
Foreign investors were sellers for the third straight session, with net selling of Rs. 61.2 million worth of shares on Tuesday. Net outflows so far in 2014 stand at Rs. 3.88 billion. They were Rs. 22.88 billion in 2013.
Shares in Nestle Lanka fell 3.94% to Rs. 1,912.10.
Earlier this month, Sri Lanka questioned the independence of the human rights office of the United Nations after the United States asked it to investigate violations by the Sri Lanka Government related to the civil war.
A vote on the resolution is scheduled for the last week of the session, starting on 24 March.
