Sri Lankan shares fell on Monday as political uncertainty after a local council poll in which the two main ruling parties were defeated dampened investor sentiment. President Maithripala Sirisena's centre-left Sri Lanka Freedom Party (SLFP) and Prime Minister Ranil Wickremesinghe's centre-right United National Party (UNP) secured only a few council seats, raising concerns over the future of the current unity government that took office in August 2015.
The Colombo stock index ended 0.45 percent lower at 6,542.99, slipping from its highest close since November 8 hit on Friday. The index gained 0.8 percent last week, its third straight weekly increase. The markets will be closed for a public holiday on Tuesday. Normal trading will resume on Wednesday.
Shares in conglomerate John Keells Holdings Plc fell 2 percent, while Sri Lanka Telecom Plc ended 3.8 percent weaker and biggest listed lender Commercial bank of Ceylon Plc lost 1.01 percent. Turnover stood at 597.6 million rupees ($3.86 million), well below last year's daily average of 915.3 million rupees.
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