Sri Lankan shares close at record high as industrial stocks gain

Sri Lankan shares closed at an all-time high on Wednesday, helped by industrial companies and a surge in conglomerate Expolanka.

The CSE All-Share index ended up 1.84% at 9,163.13 points. The index surged 10.8% in August, its best monthly gain since January.

Expolanka Holdings Plc was the top boost, gaining 7.9% and hitting a record high.

Sri Lanka on Monday declared an economic emergency, empowering the authorities to seize stocks of staple foods and set their prices to contain soaring inflation after a steep devaluation of its currency due to a foreign exchange crisis.

Sri Lanka's central bank said on Tuesday the country had received its share of global special drawing rights, allocated by the International Monetary Fund, and initial disbursements under the bilateral currency swap arrangement with Bangladesh Bank.

Sri Lankan shares end at record high as industrials jump

The central bank also said the country's foreign exchange reserves are expected to improve further.

Domestic COVID-19 cases rose by 4,221 in the last 24 hours, taking the total to 440,302, even as the island-nation remains under a lockdown.

Sri Lanka reported 194 fatalities due to COVID-19 in the last 24 hours, bringing the death toll to 9,185.

Data from Johns Hopkins University showed the country has fully vaccinated 35.33% of its population so far.

Thirty-three stocks hit fresh highs, while 27 hit new lows on the main exchange, according to Refinitiv Eikon data.