Sri Lankan stocks closed a tad weaker on Friday on forced selling due to month-end settlements, while foreign investors exited risky assets amid political uncertainty ahead of parliamentary elections. Foreign investors, who have bought 1.51 billion rupees worth shares so far this year, sold a net 163.6 million rupees on Friday, extending net forging selling for a second straight session to 490 million rupees.
"The downward trend continued today because of month-end settlements, margin selling and profit-taking amid political uncertainty," said Dimantha Mathew, manager, research at First Capital Equities (pvt) Ltd. Elections to Sri Lanka's 225-member parliament are expected to be announced after April 23 and it is unclear whether the ruling coalition led by President Maithripala Sirisena would contest unitedly or go to the polls separately.
The main stock index ended 0.22 percent weaker, or 16.15 points, at 7,301.29, marking their third session of losses in four. It fell 0.2 percent for the week. Shares of Shalimar Estate Plc fell 2.88 percent, Nestle Lanka Plc dropped 1.42 percent and Sri Lanka Telecom Plc declined 1.22 percent. Turnover was 932 million rupees ($7.00 million), well below this year's daily average of 1.4 billion rupees.
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