August 30, 2017 / 11:55 AM / 2 years ago

Sri Lankan shares fall for 2nd day; bank stocks, beverages down

COLOMBO, Aug 30 (Reuters) - Sri Lankan shares fell for a second session on Wednesday, ending near a more than four-month closing low hit last week, as investors sold shares of banks and beverages companies.

The Colombo stock index fell 0.13 percent to 6,390.26.

Shares of Nestle Lanka Plc fell 0.6 percent, while biggest listed lender Commercial Bank of Ceylon Plc slipped 0.7 percent and Sri Lanka Telecom Plc lost 1 percent.

The index closed at its lowest since April 18 on Thursday. It fell 0.4 percent last week, its sixth straight weekly fall, and has shed more than 4 percent since July 27 up to Wednesday’s close.

“It was totally a volatile market. Lack of retail participation is the main reason for the market to come down,” said Atchuthan Srirangan, a senior research analyst at First Capital Holdings PLC.

“Still, investors are waiting to see the outcome of the Inland Revenue Bill.”

The bill, Sri Lanka’s major tax reform since independence from Britain in 1948, seeks to expand the tax net and stamp out evasion. It is expected to be presented in parliament on Sept. 6.

Foreign investors net bought 89.5 million rupees (about $585,925) worth of shares, extending the year-to-date net foreign inflow into equities to 27.6 billion rupees.

Turnover stood at 592 million rupees, compared with this year’s daily average of around 858.1 million rupees.

$1 = 152.8000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath

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