January 8, 2020 / 12:52 PM / 17 days ago

Sri Lanka shares skid as financial, consumer sectors take a beating

Jan 8 (Reuters) - Sri Lankan shares slid on Wednesday to their lowest in nearly 11 weeks, in line with declines in global equities after Iran’s attack on U.S.-led forces in Iraq stoked fears of a wider conflict in the Middle East.

** Stocks across the globe tumbled on Wednesday after Iran’s attack, but pared losses as fears faded that the strikes would lead to an immediate military escalation.

** The benchmark Sri Lankan stock index closed down 2.11% at 6,026.09, its lowest since Oct. 24.

** Financial and consumer staples contributed to more than half the losses on the index.

** Shares of Lanka ORIX Leasing Co Plc were the top drag on the index, falling as much as 8.43% in their biggest intraday fall since March 2018.

** Shares of liquor manufacturer Distilleries Company of Sri Lanka fell for a seventh straight session, dropping over 4.5%, and Ceylinco Insurance Plc slipped 6.83%.

** Foreign investors were net sellers in the equity market, off-loading 61.5 million Sri Lankan rupees ($338,842.98) worth of shares.

** The Sri Lankan rupee was last quoted at 181.15 against the U.S. dollar, Refinitiv data showed.

** Equity market turnover was 624.4 million Sri Lankan rupees, stock exchange data showed.

** For a report on global markets, click

** For a report on major currencies, click ($1 = 181.5000 Sri Lankan rupees) (Reporting by Chandini Monnappa in Bengaluru; Editing by Saumyadeb Chakrabarty)

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