COLOMBO: Sri Lankan shares closed lower on Monday, dragged down by information technology (IT) and communication services stocks.

The CSE All-Share index settled 1.38% lower at 10,719.50.

Swadeshi Industrial Works Plc and Nuwara Eliya Hotels Co Plc were the top losers on the index, down 12% and 2%, respectively.

Trading volume on the index fell to 30.4 million shares from 86.7 million shares in the previous session.

The equity market’s turnover fell to 615.8 million Sri Lankan rupees ($2.1 million) from 759.4 million rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 34.7 million rupees, while domestic investors were net buyers, purchasing shares worth 602.9 million rupees, the data showed.