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Sri Lankan shares closed down on Thursday, snapping a two-day rally, after the island nation’s central bank held rates as widely expected.

The CSE All-Share index fell 1.8% to close at 8,028.14, dragged down by losses in industrial and consumer staples stocks. The index, which had gained about 5% in the past couple of sessions, posted its biggest intraday percentage loss in a week on Thursday.

The Central Bank of Sri Lanka (CBSL) on Thursday in its monetary policy meeting confirmed an expected decision to hold its two policy rates steady, citing a need to curb demand in the economy.

Conglomerate Expolanka Holdings and energy company Lanka IOC PLC were the biggest drags to the CSE All-Share index, falling 5.8% and 5.2%, respectively.

Sri Lankan shares end higher ahead of central bank rate decision

Trading volume fell to 32.9 million shares in the session, from 57.5 million in the previous session.

The equity market’s turnover fell marginally to 1.45 billion Sri Lankan rupees ($3.99 million), according to exchange data.

Foreign investors were net sellers in the equity market, selling stocks worth 65.2 million rupees, while domestic investors were net buyers, offloading shares worth 1.43 billion rupees, data showed.

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