Key Takeaways
- Sri Lankan shares closed lower on Tuesday.
- Technology stocks were the main drag, with Kelani Tyres Plc and Bansei Royal Resorts Hikkaduwa Plc among the top losers.
- Foreign investors were net sellers, while domestic investors were net buyers.
Sri Lankan shares experienced a downturn on Tuesday, with the CSE All-Share index settling 0.95% lower at 21,318.31 points. The decline was primarily attributed to the performance of technology stocks.
Kelani Tyres Plc and Bansei Royal Resorts Hikkaduwa Plc were the most significant contributors to the market's fall, with their shares dropping 7.42% and 6.39%, respectively.
Trading volume on the index saw a slight increase, rising to 97.5 million shares from 50.6 million shares in the previous session.
Despite the overall decline, the equity market's turnover increased to 2.32 billion Sri Lankan rupees ($7.08 million) from 1.01 billion rupees in the previous session, indicating heightened trading activity.
Foreign investors played a notable role in the market's dynamics, acting as net sellers by offloading stocks worth 646.6 million rupees. In contrast, domestic investors were net buyers, purchasing shares worth 2.29 billion rupees.
The market's performance reflects the ongoing challenges faced by the technology sector in Sri Lanka, which has been a key area of focus for investors and policymakers alike.
The CSE All-Share index's movement underscores the volatility in the local stock market, with technology stocks being particularly sensitive to market conditions.
