IT, communication stocks drag Sri Lankan shares lower

Sri Lankan equities ended lower on Tuesday, with technology and telecom stocks pulling the market down, Business Recorder reported. The CSE All-Share index slipped 0.64 per cent to finish at 21,479.07. The steepest percentage drops came from Convenience Foods (Lanka) PLC, down 6.7%, and Malwatte Valley Plantations PLC, lower by 6.2%.

On the trading side, volume on the index climbed, reaching 80.2 million shares against 45.5 million during the preceding session. Equity turnover also grew, hitting 2.04 billion rupees (about $6.15 million) compared with 1.89 billion a session earlier, exchange figures indicated. Overseas holders sold a net 648.8 million rupees of stock, while domestic participants were net buyers worth 1.99 billion rupees.