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Markets

Sri Lankan shares hit near 3-week low as industrial stocks slump

  • The CSE All-Share index was down 3.70% at 8,536.88 points at the closing bell, logging its worst day since February
13 Sep 2021

Sri Lankan shares hit a near 3-week low on Monday, ending down about 4%, as industrial stocks dropped.

The CSE All-Share index was down 3.70% at 8,536.88 points at the closing bell, logging its worst day since February.

The benchmark index fell as conglomerates Expolanka Holdings Plc and LOLC Holdings dropped 15.1% and 7.2%, respectively.

On Friday evening, the Central Bank of Sri Lanka Governor had said he would be stepping down, at a time when the South Asian nation's weak foreign exchange reserves have limited its ability to import goods and raised the risk of a default.

Sri Lankan shares end lower as industrials, financials weigh

Sri Lanka's trade deficit for the month of July widened to $607 million as compared to a deficit of $209 million recorded a year ago, cenbank data showed.

The Colombo Stock Exchange had halted trade during the day for about 15 minutes due to connection stability issues.

The equity market's turnover was 6.76 billion Sri Lankan rupees ($33.97 million), according to stock exchange data.

Trading volume on the exchange fell to 228.2 million shares from 248.6 million shares in the previous session.

Foreign investors were net sellers in the equity market, offloading shares worth 735.8 million rupees, exchange data showed.

The island-nation reported 2,642 new coronavirus cases in the last 24 hours, taking the total to 485,922.

It reported 144 fatalities due to COVID-19 in the last 24 hours, bringing the death toll to 11,296, health bureau data showed.

About 48.36% of the country's population is fully vaccinated so far, data from Johns Hopkins University showed.

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