Sri Lankan stocks slipped on Friday, ending a four-session gaining streak due to thin volume and profit taking in telecom shares. The bourse in the past two sessions was bolstered by a surprise rate cut by the central bank to support growth. The central bank reduced the key rates by 25 basis points on Wednesday, lowering them from three-year highs.
The Colombo Stock Exchange's main index closed 0.44 percent or 24.64 points weaker at 5,522.72, from its highest close since November 16. "Retail selling brought the market down," said a stock broker asking not to be named. Shares in leading mobile phone operator Dialog Axiata closed 1.2 percent weaker at 8.20 rupees. Top fixed line telephone operator Sri Lanka Telecom fell 1.61 percent to 42.70 rupees.
Commercial Bank, which fell 0.68 percent to 102 rupees, accounted for more than 40 percent of the day's turnover of 505.43 million Sri Lanka rupees ($3.93 million). Foreign investors were net buyers of 22.8 million rupees worth of shares, extending the net foreign buying so far this year to 36.59 billion rupees. The rupee closed firmer at 128.60/70 to the dollar compared with Thursday's close of 128.40/50 on importer demand for dollars, dealers said.
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