Sri Lankan shares fall as industrials tumble, IMF talks eyed

Sri Lankan shares fall as industrials tumble, IMF talks eyed

Aug 24 (Reuters) - Sri Lankan shares fell on Wednesday, weighed down by sharp losses in industrial stocks, with the focus turning to talks with the International Monetary Fund (IMF) aimed at finalising a bailout package for the crisis-struck island nation.

* The CSE All-Share index .CSE closed 0.66% lower at 9,011.24. For the month, the index is still up around 16.6%.

* A team from the IMF will meet Sri Lanka's president on Wednesday for talks to finalise a bailout package amid the nation's worst financial crisis in more than seven decades.

* The Indian Ocean island is scrambling to lock down a staff-level pact with the IMF for a possible $3 billion programme to pave its way out of the crisis.

* Heavyweight conglomerate Expolanka Holdings EXPO.CM slid 3.9%, weighing the most on the CSE All Share index.

* Manufacturing conglomerate Richard Pieris & Company RICH.CM provided some support with a 7.1% jump.

* Trading volume slipped to 116 million shares from 154.4 million shares in the previous session.

* The equity market turnover was 2.55 billion Sri Lankan rupees ($7.10 million), according to exchange data.

* Foreign investors were net buyers in the equity market, purchasing 94.8 million rupees worth of shares, while domestic investors were net sellers, offloading 2.52 billion rupees worth of shares, data showed.

* For a report on global markets, click ($1 = 359 Sri Lankan rupees)
Reporting by Chris Thomas in Bengaluru; Editing by Shailesh Kuber