Sri Lankan shares edge lower as communication services, IT stocks weigh

Sri Lankan shares closed lower on Tuesday, with the CSE All Share index slipping 0.24% to finish at 21,262.13. Business Recorder reported that weakness in communication services and information technology counters outweighed firmer utilities and energy stocks.

Tess Agro and Colombo Fort Land posted the steepest percentage declines on the index, dropping 5.3% and 5% respectively. Money traded climbed, with turnover reaching 2.23 billion Sri Lankan rupees, equal to $6.76 million, up from 1.55 billion the day before, while share volume eased to 55.8 million from 56.2 million.

Foreign investors were net sellers of 112.4 million rupees, while domestic participants bought shares worth a net 2.18 billion rupees. Official data showed the island's economy expanded 4.2% year on year over April to June, according to the statistics department.