Stocks end marginally lower ahead of polls

REUTERS: Sri Lankan shares ended lower for a second straight session yesterday as investors sold blue-chip stocks such as John Keells Holdings PLC ahead of the local government polls over the weekend.

The Colombo stock index ended 0.08 percent weaker at 6,507.25, slipping further from its highest close since January 9 hit on Friday.

Shares in conglomerate John Keells Holdings PLC slipped 0.6 percent, while Colombo Cold Stores PLC edged down 1.9 percent and Sri Lanka Telecom PLC lost 1.7 percent. “There is no real direction as investors are on a wait-and-watch mode ahead of the elections,” said First Capital Holdings Head of Research Dimantha Mathew.

“Turnover is boosted by some foreign buying.”

Sri Lanka will hold the long-delayed local government election on February 10 amid worries about the future of the country’s coalition government.