Sri Lankan stocks hit near eight-month closing low

Sri Lankan shares fell on Wednesday to their lowest close in nearly eight months as investors sold banking and diversified shares. The Colombo Stock Index fell 0.12 percent to 6,352.77, its lowest close since April 17. The index lost 0.6 percent last week in its fifth consecutive weekly drop, but is still up 2 percent so far this year.
"The market is down on retail selling. Investors who see value are collecting while retailers are selling," said Reshan Kurukulasuriya, chief operating officer of Richard Pieris Securities (Pvt) Ltd. "There was some foreign selling too." Turnover was 682.8 million rupees ($4.46 million), less than this year's daily average of 940 million rupees. Foreign investors, net buyers of 18.5 billion rupees worth of shares so far this year, sold equities worth net 63.9 million rupees on Wednesday.