Shares end lower as coronavirus cases spike

Tuesday, 11 May 2021 01:30 - - {{hitsCtrl.values.hits}}

Reuters: Shares closed lower on Monday, weighed by financial, industrial and consumer staple stocks, as a jump in domestic COVID-19 cases dented investor sentiment.

The CSE All-Share Index (CSE) fell 1.47% to end at 7,135.80. The index has climbed 5.34% this year.

Sri Lanka is now reporting more than 1,900 new infections each day. The South Asian island nation last month had imposed fresh curbs on public gatherings.

Sri Lanka for the first time recorded more than 2,000 COVID-19 cases in a single day on Sunday. The total daily cases reported reached 2,659, according to the health ministry.

The country on Saturday approved Pfizer’s COVID-19 vaccine for emergency use, as the island nation battles a third wave of the virus, while suffering a restricted supply of vaccines from India. Browns Investments (BROW.CM) and Lanka ORIX Leasing Company (LOLC.CM), were among the top drags to the index, falling 4.41% and 3.12%, respectively.

Trading volumes rose to more than 153.3 million from 124.8 million in the previous session.

Foreign investors were net sellers in the equity market, offloading shares worth Rs. 877.3 million ($ 4.48 million), according to exchange data.

Equity market turnover was Rs. 2.47 billion, exchange data showed.

The Sri Lankan Rupee was last quoted at 196 against the US Dollar, as of 11:51 GMT, according to Refinitiv data.