Sri Lankan stocks Down,Rupee Steady

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Sri Lankan stocks fell to a two-month low on Monday led by large caps with local retail investor sentiment hit by both political and economic concerns, but foreign buying boosted turnover. The main share index fell 0.37 per cent to 5,631.89, its lowest since Dec.28.

Foreign investors, who mainly bought banks, acquired a net 858.3 million rupees worth of shares, reversing the year-to-date net foreign outflow to a net inflow of 319.2 million rupees. Foreign buying accounted for 81.4 per cent of turnover of 1.08 billion rupees ($8.48 million), which was just above this year’s daily average of 1.05 billion rupees.

The market has fallen 3.5 per cent in thin volume since the IMF on Feb.13 said Sri Lanka was facing slow growth, high inflation and lower tax revenue risks.

Analysts said retailers were also worried about what could happen to Sri Lanka at UN Human Rights Council sessions in Geneva.

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