Sri Lankan shares closed little changed on Friday as most investors stayed on the sidelines to see the real impact of a hike in fuel prices, brokers said.
State-run fuel retailer Ceylon Petroleum Corp (CPC) raised retail prices for gasoline and diesel from Thursday midnight in response to rising oil prices.
The Colombo stock index fell for a fifth straight session and ended 0.01 percent weaker at 6,478.87, its lowest close since April 11. The index lost 0.4 percent this week, in its third straight weekly fall.
"Most of the investors were on the sidelines waiting to see the real impact of the fuel price increase," said Atchuthan Srirangan, assistant manager-research at First Capital Holdings PLC.
"Though the fuel price increase was expected, it could impact the bottom lines of manufacturing and transportation companies directly, while it will also push inflation and other costs, and could impact other companies too."
Shares of BRAC Lanka Finance Plc fell 23.4 percent, Dialog Axiata Plc dropped 1.4 percent and conglomerate John Keells Holdings Plc ended down 0.2 percent.
Turnover stood at 769.5 million rupees ($4.88 million), less than this year's daily average of 1.03 billion rupees.
Foreign investors net bought 24.3 million rupees worth of equities on Friday, but the market has seen a net foreign outflow to 335.4 million rupees worth of equities so far this year.
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