Sri Lankan shares fell on Wednesday for a fourth straight session as financial stocks continued to fall on concerns over the country’s economic crisis.
The CSE All-Share index fell 0.6% to 10,222.55 points.
Foreign investors were net buyers in the equity market, purchasing shares worth nearly 37.7 million Sri Lankan rupees ($145,000.00) while domestic investors were net sellers, offloading 2.92 billion rupees worth of shares, exchange data showed.
Sri Lanka will start official talks with the International Monetary Fund next month, a cabinet spokesman said on Tuesday, as the government seeks to stave off the island-nation’s worst economic crisis in years amid growing protests.
A devaluation of the country’s currency last week has further stoked already rocketing inflation, bringing more distress to ordinary Sri Lankans who have been dealing with rolling power cuts and fuel shortages.
Conglomerates Expolanka Holdings Plc and Lanka Orix Leasing Company Plc were top drags, falling 2.6% and 1.6%, respectively. Equity market turnover was 2.92 billion rupees.
Trading volume rose to 117.3 million shares from 90.12 million shares in the previous session.