The Colombo Stock Exchange closed lower on Monday, according to data from its site.
The broader All Share Index dropped by 1.67 percent, or 191.01 points, closing at 11,251. The more liquid S&P SL20 Index declined by 2.30 percent, or 75.77 points, to close at 3,214.
Turnover for the day was 863 million.
“We believe speculation driven by rumors and various polls regarding the upcoming presidential election is dampening market sentiment,” stated Softlogic Stockbrokers. “This is despite positive signals such as the IMF response, fiscal policies being on track, and promising economic indicators.”
“Investors are concerned that a policy shift could have significant negative impacts.”
Market participants suggested that the downward trend might persist, despite several companies posting interim results.
“This interim season has presented a mixed bag of outcomes.”
Foreign buying was observed in Ceylon Cold Stores (down to 55.50), Chevron Lubricants Lanka (down to 121.75), People’s Leasing and Finance Plc (down to 12.20), and ACL Cables Plc (down to 82.50).
Foreign selling was recorded in Nations Trust Bank (down to 120.00) and LOLC Holdings (down to 403.25).
A net foreign inflow of 8.9 million rupees was noted.