Shares fall for 5th day; John Keells down

REUTERS: Sri Lankan shares closed lower for a fifth straight session yesterday, led by conglomerate John Keells Holdings, as investors stayed on the sidelines ahead of corporate results and seeking cues on the economy from the federal budget next month.

The benchmark index of the Colombo Stock Exchange ended 0.07 percent weaker at 6,482.54, its lowest close since Sept. 26. It shed 1.5 percent on the week.

“We believe the index will fall further before the budget. Still, there is uncertainty about taxes (in the budget),” a stockbroker said asking not to be named.

Turnover stood at Rs.568.6 million (US$ 3.88 million), less than this year’s daily average of around Rs.747 million.

Foreign investors, who have net sold Rs.2.34 billion worth of shares so far this year, bought a net Rs.25.8 million worth equities yesterday.

Chevron Lubricants Lanka Plc, which posted a 20 percent rise in September-quarter, rose 1.3 percent.

John Keells Holdings fell 0.46 percent, while Lion Brewery lost 3.31 percent