Shares drop over 2% ahead of rate decision

REUTERS: Sri Lankan shares fell more than 2 percent yesterday, weighed down by losses in industrial and financial stocks, a day before the Central Bank’s rate decision.
The CSE All-Share index ended down 2.14 percent at 11,162.66.

Conglomerates Expolanka Holdings and financial services provider Commercial Leasing & Finance were the top drags on the index, closing 5.1 percent and 4.3 percent lower, respectively. Foreign investors were net buyers in the equity market, picking up shares worth Rs.73.6 million (US$ 364,356.44), while domestic investors were net sellers, offloading shares worth Rs.2.05 billion, exchange data showed.

Equity market turnover was Rs.2.07 billion.
Trading volume fell to 73 million shares from 132.8 million shares in the previous session.
Investors will be looking out for the Central Bank rate decision today.

A Reuters poll estimates the Central Bank will raise rates for the second time this year.