Sri Lanka stocks rebound amid progress in post-cyclone restoration

Sri Lankan shares gained some ground on Tuesday after slumping 3% in the previous session, helped by broad-based gains, as efforts to normalise life in the cyclone-hit island nation gathered pace.

The CSE All Share index closed 1% higher at 22,241.57 after logging their worst session since early April on Monday.

All sectors except energy advanced on the day. Utilities and communication services ended 1.6% and 1% higher, respectively, after officials said work was underway to restore communication links and electricity.

The island nation is grappling with the after-effects of floods and landslides after Cyclone Ditwah struck the country last week and killed 410 people so far.

Trading volume on the CSE All Share index fell to 100.3 million shares from 236.4 million shares on Monday.

The equity market’s turnover slid to 4 billion Sri Lankan rupees ($13 million) from 5.24 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 253 million rupees, while domestic investors were net buyers, purchasing shares worth 3.95 billion rupees, the data showed.