Sri Lankan shares fall as financial, communication stocks dip

Sri Lankan shares closed lower on Monday, dragged down by financial and communication stocks.

The CSE All-Share index fell nearly 0.9% to 11,841.86 points, after having climbed 0.17% on Friday.

Heavyweight financial and communication shares fell 1.45% each.

Vitol Asia and Bharat Petroleum are among eight bidders for Sri Lanka’s state-run LPG company and terminal as the island nation looks to reduce losses incurred by government-owned enterprises.

Sri Lankan shares end higher as energy, consumer staple stocks gain

Conglomerates LOLC Finance PLC and Carson Cumberbatch PLC were the biggest drags on the CSE All-Share index, falling 5% and 8.5%, respectively.

Trading volume in the index rose to 32.7 million shares from 21.6 million in the previous session.

The equity market’s turnover rose to 657 million rupees ($2.16 million), compared with 472.5 million rupees in the previous session, according to exchange data.

Foreign investors were net buyers in the equity market, purchasing stocks worth 236.7 million rupees, while domestic investors were net sellers, selling shares worth 594.2 million rupees, data showed.