Sri Lankan shares fell on Tuesday to more than a three-week low, dragged down by shares of beverage companies such as Distilleries Company of Sri Lanka Plc, while investors continued to await fresh cues from political and economic fronts. The Colombo stock index ended 0.33 percent weaker at 6,485.57, its lowest since April 12. The index lost 0.37 percent last week, its second straight weekly fall.
"It was a very slow market as investors are still scared and they are worried .... they don't see that the economy has picked up and they feel its still uncertain for equity investments though there are signs of improvement in the economy," said Dimantha Mathew, head of research, First Capital Holdings.
Shares of Sri Lanka Plc ended 3.1 percent lower while Ceylon Cold Stores Plc fell 1.2 percent and Lanka ORIX Leasing Plc ended 1.9 percent weaker. Conglomerate John Keells Holdings Plc ended 0.6 percent down and Sri Lanka Telecom Plc closed 1.1 percent weaker.
Turnover stood at 601.6 million rupees ($3.82 million), less than this year's daily average of 1.03 billion rupees. Foreign investors bought a net 100.9 million rupees worth of equities on Tuesday, but the market has seen a net foreign outflow to 487 million rupees worth of equities so far this year.
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