Sri Lanka’s shares slipped at market close for the seventh consecutive session on Tuesday to over a two-month low, as investors took a cautious approach while awaiting for earnings reports, an analyst said.
The main All Share Price Index (ASPI) fell 0.67 percent or 88.72 points to 9,125.32, the lowest since February 21, 2023.
“The sentiment could be down due to earnings reports coming in, and poor performance is expected due to the government reforms implemented under the International Monetary Fund,” said Ranjan Ranatunga of First Capital.
Under the IMF reforms, Sri Lanka imposed higher progressive taxes to increase government revenue.
The most liquid index, S&P SL20, was down 1.18 percent or 31.56 points to 2,652.19.
There was a net foreign inflow of 241 million rupees for the day, but the total net foreign outflow for the year so far is 1.7 billion rupees.
The market generated a turnover of 1.1 billion rupees, which is below the daily average of 1.6 billion rupees but higher than the turnover of the past four sessions.
The top losers during trade were Sampath Bank, Ceylon Tobacco Company, and Expolanka.