Stock market dips to over 12-week closing low

Reuters: Shares fell for a fifth straight session on Wednesday to their lowest close in 13 weeks, led by losses in beverage and diversified stocks.

The Colombo stock index fell 0.29% to 6,585.53, its lowest close since 3 May. The bourse fell 1.6% in July, but had risen about 6% this year as of July 31 close.

Shares of Lion Brewery Plc dropped 4.5%, while Ceylon Brewery Plc lost 9.43%. Cargils Ceylon Plc fell 2.2% and Nestle Lanka Plc fell 0.63%.

Turnover stood at Rs. 978.3 million ($ 6.38 million), more than this year’s daily average of around Rs. 893.3 million.

Foreign investors were net buyers of shares worth Rs. 753.9 million on Wednesday, extending their year-to-date net inflow to Rs. 26.3 billion.