Sri Lankan stocks slip to over 8-week closing low; lower economic growth weighs

COLOMBO, March 23 (Reuters) - Sri Lankan shares slipped totheir lowest close in more than eight weeks on Friday, led bybeverage and telecom stocks as investors remained worried aboutthe island nation's slower economic growth, brokers said.

The Colombo stock index closed 0.12 percent lower at6,443.75, marking its fourth session of fall in five. It fell 1percent this week, in its fourth straight weekly drop.

Sri Lanka's economy grew by 3.1 percent in 2017, the slowestpace in 16 years and well below the 4.5 percent seen in 2016,revised government data released on Tuesday showed.

"The market is moving sideways as investors are on thesidelines due to concerns over lower growth. They are alsoawaiting directions from the policy interest rate decision inApril," said Atchuthan Srirangan, a senior research analyst withFirst Capital Holdings Plc.

Turnover was 953.9 million rupees ($6.11 million), more thanthis year's daily average of around 944.8 million rupees.

Shares in Lion Brewery (Ceylon) Plc fell 3.6percent, Nestle Lanka Plc dropped about 1 percent,Softlogic Holdings Plc slumped 5 percent and DialogAxiata Plc ended 0.7 percent weaker.

Foreign investors sold a net 58.4 million rupees worth ofshares, but they have been net buyers of 7.2 billion rupeesworth of equities so far this year.($1 = 156.0500 Sri Lankan rupees)(Reporting by Ranga Sirilal and Shihar Aneez; Editing bySubhranshu Sahu)