Sri Lankan shares fell to a near two-month closing low on Friday on foreign selling, while investors waited for clarity on new taxes introduced in the national budget and on key legislations. The Colombo stock index ended 0.66 percent weaker at 6,413.68, its lowest close since September 26. The index fell 1.1 percent during the week, but is still up 3 percent for the year so far.
Turnover stood at 596.4 million rupees on Friday, less than this year's average of around 953.3 million rupees. "It is turning into a typical year-end market. But, we expect to see foreign activity supporting the market. They see value in some select shares," said Hussain Gani, deputy CEO at Softlogic Stockbrokers.
Foreign investors net sold equities worth 117.5 million rupees ($764,476) on Friday, but they have bought a net 18.4 billion rupees worth of stocks so far this year. Top fixed-line phone operator Sri Lanka Telecom fell 5.4 percent and Lion Brewery Ceylon Plc lost 4.9 percent, dragging the overall index down.
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