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

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.

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