Sri Lankan shares drop most in nearly four months as financials, industrials fall

Feb 2 (Reuters) - Sri Lankan shares on Tuesday suffered their worst single-day fall since October, led by sharp declines in financial and industrial stocks.

* Sri Lanka’s CSE All Share Index ended 6.56% lower at 8,005.32, its biggest one-day fall since Oct. 5 last year and its second worst daily performance since late 2005.

* The index had hit multiple all-time highs in recent weeks, and had notched a 30% gain in 2021 as of last week, making Sri Lanka one of the world’s best performing equity markets this year. With Tuesday’s sell-off, the benchmark is now up 18% for the year.

* Trading volume on the CSE All Share Index fell to 232.8 million from 2.87 billion in the previous session.

* Conglomerates LOLC and John Keells Holdings were the top drags on the benchmark, falling roughly 8% each.

* Foreign investors were net sellers, offloading 316.4 million Sri Lankan rupees ($1.6 million) worth of shares, according to exchange data.

* Equity market turnover was 6.93 billion rupees, exchange data showed.

* The Sri Lankan rupee was last quoted at 193.50 against the dollar as of 1215 GMT, according to Refinitiv data.

* For a report on global markets, click

* For a report on major currencies, click ($1 = 193.5000 Sri Lankan rupees) (Reporting by Sachin Ravikumar in Bengaluru; Editing by Vinay Dwivedi)