Sri Lankan shares hit more than eight-month low

Sri Lankan shares closed at their weakest in more than eight months in typical year-end holiday-thinned trading on Tuesday, with turnover slumping to a near 33-month low as investors stayed away. The Colombo stock index ended 0.22 percent lower at 6,202.83, its lowest close since April 6. It has shed around 2.1 percent in the 10 sessions through Tuesday.
Turnover stood near its lowest since March 17, 2014, at 111.2 million rupees ($745,308), around a seventh of this year's daily average of 735.4 million rupees. "Most of the investors and brokers are on holiday. We may see little price adjustments in shares, but the trading volume will be very low," said Hussain Gani, deputy CEO at Softlogic Stockbrokers. Foreign investors sold a net 10.2 million rupees worth shares on Tuesday, but they have been net buyers of 611.3 million rupees worth equities as of Tuesday this year. Top conglomerate John Keells Holdings fell 1 percent, while large cap Ceylon Tobacco Company closed 1.8 percent lower, dragging down the overall index.