The benchmark Colombo All Share Price Index closed down 0.
32 percent (7.78 points) to end at 2,392.11 while the Milanka index of liquid stocks lost 0.
46 percent (12.47 points) to close at 2,682.67, according to provisional stock exchange data.
Turnover was 223.0 million rupees.
On Tuesday there was net foreign buying worth 74.
43 million rupees, with foreign investors buying 109.18 million worth shares and selling shares valued at 34.75 million rupees, brokers said.
"Market activity was slow as selling pressure was moderate and the buyers were making a cautious entry into the market looking at macro factors such as the International Monetary Fund loan and the up-coming elections," Thakshila Hulangamuwa of Asha Phillip Securities said.
"All-in-all the positive momentum of the market has not been lost yet despite recent fluctuations.
"
Commercial Bank of Ceylon closed at 132.00 rupees, down 2.00, while index heavy Distilleries Company of Sri Lanka closed at 87.
50 rupees, down 25 cents.
Sri Lanka Telecom closed at 46.
75 rupees, down 50 cents, while celco Dialog Telekom, a unit of Telekom Malaysia closed flat at 5.25 rupees.
Conglomerate John Keells Holdings closed at 133.50 rupees, up 50 cents.
Aitken Spence Hotels closed at 140.00 rupees, down 4.00 on razor thin volumes.
Asian Hotels closed at 52.00 rupees, down 1.00, while The Fortress Resorts closed at 11.25 rupees, up 25 cents.
Confifi Hotel Holdings closed at 110.75 rupees, down 4.00, while Hotel Sigiriya closed at 40.
00 rupees, down 4.00.
Elpitiya Plantations closed at 53.25 rupees, down 2.75, while Madulsima Plantations closed at 13.
75 rupees, down 25 cents.
Malwatte Valley Plantations closed at 29.25 rupees, up 25 cents, while Maskeliya Plantations closed at 18.50 rupees, up 25 cents.
The spot dollar remained unchanged at 114.
90/95 rupees in late afternoon trade, dealers said.