Sri Lankan stocks slide as industrialists and banks weigh in

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Sri Lankan stocks closed lower on Friday, hurt by losses in industrials and financials stocks, although a rise in Sri Lanka Telecom Plc mitigated losses.

* The CSE All-Share Index was down 0.6% at 9,093.37. For the week, the index gained 0.5%, its first weekly gain in three.

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* The index is down around 25% this year as the country grapples with its worst economic crisis in more than seven decades.

* Reuters reported that Paris Club creditor nations reached out to China and India last month to closely coordinate negotiations over Sri Lanka’s debt, but were still awaiting a response.

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* On Friday, LOLC Finance was the biggest drag on the index, falling 3.9%.

* Sri Lanka Telecom PLC climbed 21.2%.

* Trading volume on the CSE All-Share Index reached 117.4 million shares on Friday, up from 75.8 million shares in the previous session.

* Stock market turnover was 2.35 billion Sri Lankan rupees ($6.49 million), according to data from the exchange.

* Foreign investors were net buyers in the stock market, buying 54 million rupees worth of shares, while domestic investors were net sellers, offloading shares worth 2.34 billion rupees, according to the data .

*For a report on global markets, click ($1 = 362.0000 Sri Lankan rupees) (Reporting by Meenakshi Maidas in Bengaluru; Editing by Devika Syamnath)


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