Shares end flat after 4 sessions of losses

REUTERS: Sri Lankan shares treaded water yesterday, after falling for four straight sessions, as gains in communication services and energy firms were offset by a drop in technology and utility stocks.
The CSE All-Share index was up 0.01 percent at 11,592.30 points at the closing bell.

Global stocks tumbled while safe-havens rallied and oil surged yesterday as Europe’s eastern flank stood on the brink of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.
Conglomerate Lanka Orix Leasing Company Plc and financial services provider Senkadagala Finance Plc were the biggest drags to the index, dropping 1.4 percent and 11.7 percent respectively.

Ceylinco Insurance Plc and Sri Lanka Telecom Plc were the top boosts to the index, rising 19.1 percent and 5.1 percent respectively.

As Sri Lanka faces its worst economic crisis in years, the country yesterday said it is open to discussions with the International Monetary Fund and other multilateral lenders for assistance.

With fuel stocks sufficient for supplies for only a few days, the Sri Lankan President has directed the Central bank to release funds for fuel shipments.

Any further increase in global oil prices would make the situation even more difficult and a war in Ukraine could really hurt Sri Lanka, a Cabinet spokesman said.

Foreign investors were net buyers in the equity market, purchasing shares worth Rs.104.4 million.