Sri Lankan stocks tumble in worst session in five months


Sri Lankan stocks on Tuesday recorded their worst session since late April, as industrials, financials and energy stocks dragged the market lower for the fourth consecutive day.

* The CSE All-Share Index fended off a broader rally in global equities to close down 4.28% at 9,237.05, its lowest level since September 1.

* Sri Lanka’s central bank is expected to hold interest rates on Thursday in a bid to rein in inflation, which remains stubbornly high despite a sharp contraction in the crisis-hit economy.

* The benchmark S&P SL20 fell 5% earlier in the day, triggering a temporary halt in trading.

* The Colombo Stock Exchange halted trading for five minutes from 0441 GMT and held an auction session for 25 minutes from 0446 GMT before resuming regular trading.

* The indices had also slipped on Monday after Sri Lanka unexpectedly cut its petrol prices by 40 rupees over the weekend.

* Conglomerates Expolanka Holdings Plc and local Indian Oil Corp unit Lanka IOC weighed the most on the index, falling 8.8% and 12.2% respectively.

* Trading volume on the CSE All-Share Index rose to 188.2 million shares on Tuesday from 125.4 million in the previous session.

* Equity market turnover was 4.54 billion Sri Lankan rupees ($12.7 million), well above the previous session’s 2.54 billion rupees, according to scholarship giveaways.

* Foreign investors were net buyers in the equity market, buying 62.6 billion rupees of shares, while domestic investors were net sellers, shedding 4.50 billion rupees of shares, according to the data.

* For a report on global markets, click ($1 = 358.5000 Sri Lankan rupees) (Reporting by Anuran Sadhu Bengaluru; Editing by Savio D’Souza)



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