Sri Lankan shares end lower as financials, industrials drag – Reuters.com


March 11 (Reuters) – Sri Lankan shares fell on Friday after getting one of the most in 16 years in the previous session, dragged by industrial and financial business. * The CSE All-Share index (. CSE) fell 1.65% to 10,677.46 points after surging 6.81% in their previous session. For the week, the index was down 5%. * Analysts cited confusion around the exchange rate for the fall in markets today after the Central Bank of Sri Lanka decreased the value of the currency previously today. check out more Register now totally free endless access to Reuters.comRegister * The rupee has actually stabilised around the 260 range, said Abhijit Kukreja, senior vice president for emerging markets equities at Auerbach Grayson, adding that the marketplaces were trying to find parity, keenly observing the outflows and inflows. * “Its going to be a wild month ahead,” Kukreja stated. * The relocation to devalue the Sri Lankan rupee was targeted at enhancing macroeconomic stability as the nation struggles with its worst financial crisis in years, the nations reserve bank chief Ajith Nivard Cabraal stated on Friday. * Surge in crude rates is likewise disrupting the fuel import strategies of the nation, which is facing its worst monetary crisis in a years with forex reserves diminishing. * Commercial Leasing and Finance Plc (COLE.CM) and conglomerate Lanka Orix Leasing Company Plc (LOLC.CM) were top drags, falling 10.6% and 5.3%, respectively. * Foreign financiers were net sellers in the equity market, offloading shares worth nearly 98.42 million Sri Lankan rupees ($ 393,680.00), while domestic financiers were net buyers, purchasing 2.97 billion rupees worth shares, exchange data revealed. * Equity market turnover was 3.05 billion Sri Lankan rupees. * Trading volume rose to 143.2 million shares from 121.9 million shares in the previous session. * For a report on global markets, clickRegister now for FREE unlimited access to Reuters.comRegisterReporting by Nallur Sethuraman in Bengaluru;
Modifying by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.


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