Sri Lanka shares end higher as financials, consumer staples rise

Sri Lankan shares closed higher on Friday, snapping three straight session of losses, aided by financials and consumer staples stocks.

The CSE All-Share index settled 1.45% higher at 10,689.50, but logged a 1.48% decline for the week.

Lanka IOC Plc and LOLC Holdings Plc were the top gainers on the index, up 9.2% and 2.6%, respectively.

However, trading volume on the index fell to 28.3 million shares from 30.4 million shares in the previous session.

The equity market’s turnover fell to 659.6 million Sri Lankan rupees ($2.02 million) from 891.3 million rupees in the previous session, according to exchange data.

Sri Lanka shares end lower as communication services, financials drag

Foreign investors were net buyers, purchasing stocks worth 142 million rupees, while domestic investors were net sellers, offloading shares worth 606.5 million rupees, the data showed.

Sri Lanka’s apparel export earnings slumped by $900 million in the first nine months this year, an industry association said on Friday, as slowing global demand undermines a mainstay of the struggling South Asian country’s economy.

The apparel industry struggled with garment exports up to September, dropping 39% to $3.4 billion year-on-year, latest data from the Joint Apparel Association Forum (JAAF), the industry’s top body, showed.