Shares fall as spiking virus cases raise restriction fears

REUTERS: Sri Lankan shares closed lower yesterday, led by losses in industrial and financial stocks, as a surge in coronavirus cases stoked fears of fresh restrictions in the country.

Media reports here, citing a Sri Lankan health official, suggest the country may impose restrictions on foreign arrivals to curb the surge in COVID-19 cases.

The CSE All-Share Index fell 0.6 percent to close at 7,553.50 points. The index is up 11.5 percent for the year.
Conglomerates Vallibel One PLC and Melstacorp PLC were the top drags to the index, falling 3.6 percent and 3.4 percent, respectively.Meanwhile, data from the Sri Lankan Central Bank on Friday indicated a narrowing of trade deficit in February and a fall in imports and exports.

Trading volume fell to 126.8 million from 142.9 million in the previous session.

Foreign investors were net sellers, offloading about Rs.319.3 million (US $ 1.68 million) worth of shares, according to exchange data.

Equity market turnover was Rs.2.98 billion, as per exchange data.

The Sri Lankan rupee was quoted at 190 against the U.S. dollar, as of 1203 GMT, according to Refinitiv data.