Shares fall for 5th day; John Keells down

Reuters : Sri Lankan shares closed lower for a fifth straight session on Friday, led by conglomerate John Keells Holdings, as investors stayed on the sidelines ahead of corporate results and seeking cues on the economy from the federal budget next month.

The benchmark index of the Colombo Stock Exchange ended 0.07 percent weaker at 6,482.54, its lowest close since 26 September. It shed 1.5 percent on the week.

“We believe the index will fall further before the budget. Still, there is uncertainty about taxes (in the budget),” a stockbroker said asking not to be named.

Turnover stood at 568.6 million rupees ($3.88 million), less than this year’s daily average of around 747 million rupees.

Foreign investors, who have net sold 2.34 billion rupees worth of shares so far this year, bought a net 25.8 million rupees worth equities on Friday.

Chevron Lubricants Lanka PLC, which posted a 20 percent rise in September-quarter, rose 1.3 percent.

John Keells Holdings fell 0.46 percent, while Lion Brewery lost 3.31 percent.