Sri Lankan shares closed lower for a fifth straight session on Monday, hurt by losses in financial and industrial stocks.
The CSE All-Share index fell 0.69% to 8,732.47. It lost 2.03% last week, marking its biggest weekly decline since early July.
Sri Lanka’s president is set to slash expenditure when he presents an interim budget on Tuesday to see the crisis-ridden country through the rest of the year, amid discussions with the International Monetary Fund (IMF) on a bailout package.
An IMF team met Sri Lanka’s president last week for talks on a bailout, including restructuring debt of about $29 billion.
On the CSE All-Share index, trading volume fell to 51.3 million shares from 73.1 million shares in the previous session.
Conglomerate Expolanka Holdings Plc and LOLC Finance were the top losers on the index, falling 2.2% and 4%, respectively.
Sri Lankan shares fall, log worst week since July
The equity market turnover dropped to 1.25 billion rupees ($3.47 million) from 2.29 billion in the previous session, according to exchange data.
Foreign investors were net buyers in the equity market, purchasing 115.4 million rupees worth of shares, while domestic investors were net sellers, offloading 1.19 billion rupees worth of shares, data showed.
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