Sri Lankan shares on Friday marked their worst day in three weeks, after the economy saw its second-worst quarterly contraction ever as the nation battles a financial crisis.
The CSE All Share index ended 0.84% lower at 8,739.50, its worst performance since Nov. 24, weighed down by financial and consumer staples stocks.
For the week, the index has shed 1.26%, its first weekly loss after three weeks of gains.
The GDP data, released after market hours on Thursday, showed the island nation’s economy shrank 11.8% in the July-September quarter from a year earlier, as the country struggled with deep political unrest sparked by the most severe financial crisis in more than seven decades.
On the CSE All Share index, conglomerate LOLC Development Finance and Browns Investments weighed the most, falling 3.2% and 3.8%, respectively.
The trading volume rose to 85.4 million shares from 72.4 million in the previous session.
Sri Lankan shares slip; economy contracts 11.8% in Q3
The equity market’s turnover rose to 2.86 billion Sri Lankan rupees ($7.88 million) from 2.27 billion rupees in the previous session, according to exchange data.
Foreign investors were net buyers in the equity market, purchasing stocks worth 1.06 billion rupees, while domestic investors were net sellers who offloaded 2.84 billion rupees worth of shares, the data showed.
Comments
Comments are closed.