Communications, consumer discretionary stocks drag Sri Lankan shares lower

Sri Lankan shares ended lower on Wednesday, with communications and consumer discretionary shares pulling the market down, according to Business Recorder. The CSE All-Share index closed 1.4% weaker at 19,796.06 points. Dialog Axiata and Carson Cumberbatch were the largest detractors, falling 2.98% and 4.86% respectively during the session.

Activity picked up as 101.8 million shares changed hands on the index, up from 78.9 million in the previous session. Turnover also climbed to 1.9 billion Sri Lankan rupees, or $5.74 million, against 1.15 billion rupees earlier, exchange figures showed.

Overseas investors were net sellers, disposing of equities valued at 46.5 million rupees, while local participants were net buyers to the tune of 1.86 billion rupees. Domestic demand outweighed foreign selling on the day.