Stocks ex­tend run of de­clines, hit near 6-week clos­ing low

Daily Mirror (Sri Lanka) - - PROVINCIAL -

Sri Lankan shares fell for a third straight ses­sion yes­ter­day to their low­est close in near six weeks, weighed down by de­clines in tele­com and bank­ing stocks af­ter the is­land na­tion tar­geted both cash-rich sec­tors in its 2018 bud­get to boost rev­enue.

The Colombo stock in­dex ended 0.63 per­cent weaker at 6,511.55, its low­est close since Oc­to­ber 4. Last week it dropped one per­cent.

The mar­ket was dom­i­nated by for­eign in­vestors who ac­counted for 86 per­cent of the day’s buy­ing.

The net bought shares worth Rs.570.1 mil­lion, ex­tend­ing the net for­eign in­flow in eq­ui­ties to Rs.18.7 bil­lion so far this year.

Fi­nance Min­is­ter Man­gala Sa­ma­raweera im­posed new taxes on mo­tor ve­hi­cles, tele­coms, banks and liquor in a bid to boost rev­enues in its 2018 bud­get out­lined on Thurs­day, as the bud­get deficit for the cur­rent year slipped to 5.2 per­cent of the gross do­mes­tic prod­uct.

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