Sri Lankan stocks fall as financials and industrials weigh
Sept 26 (Reuters) – Sri Lankan stocks ended lower on Monday as financial and industrial stocks fell, joining a global exodus from risky assets on interest rate concerns.
* The CSE All-Share Index ended down 1.21% at 9,844.21. Last week, the index fell 1.4%.
* While global markets have been rocked by concerns over high interest rates and their impact on economic growth, Sri Lanka is also facing its worst economic crisis since its independence in 1948.
* The island nation has been beset by runaway inflation, economic contractions, severe shortages of essential items and a record drop in foreign exchange reserves.
* Sri Lanka expects the International Monetary Fund’s board to approve a $2.9 billion loan by the end of the year, officials from the country’s central bank said on Friday to investors during a virtual presentation.
* Trading volume on the CSE All-Share Index slipped to 121.4 million shares on Monday, from 150.2 million in the previous session.
* Stock market turnover was 4.57 billion Sri Lankan rupees ($12.73 million), down from 3.02 billion rupees in the previous session, according to data from the exchange.
* Foreign investors were net buyers in the stock market, buying 2.14 billion rupees worth of shares, while domestic investors were net sellers, unloading 4.22 billion rupees worth of shares, according to the data .
*For a report on global markets, click ($1 = 359.0000 Sri Lankan rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Shounak Dasgupta)