Sri Lankan stocks fall to nearly 7-week closing low on growth worries
Posted on March 19th, 2018

COLOMBO, March 19 (Reuters) – Sri Lankan shares fell to their lowest close in nearly seven weeks on Monday, as investors sold diversified and manufacturing stocks on worries over slower economic growth, brokers said.

The statistics department withdrew its 2017 full-year and fourth-quarter GDP data on Friday, a day after saying the economy expanded 3.1 percent last year, the slowest pace in 16 years, and 1.4 percent in the fourth quarter.

The Colombo stock index fell 0.24 percent to 6,493.63, its lowest since Jan. 30. It dropped 0.6 percent last week in its third straight weekly decline.

It’s a dull day as most of investors were on the sidelines and worried over the GDP,” said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC.

Turnover was 396.5 million rupees ($5.29 million), the lowest since March 7 and well below this year’s daily average of around 966.8 million rupees.

Shares in Vallibel One Plc fell 1.7 percent, Carson Cumberbatch Plc ended 2.8 percent weaker, Sri Lanka Telecom Plc lost 1.4 percent.

Foreign investors bought a net 58.1 million rupees worth of shares, extending the year-to-date net foreign inflow to 7.2 billion rupees worth of equities. ($1 = 155.9500 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)

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