Sri Lankan shares end at record levels boosted by financials, energy

Strong gains in financials and energy stocks aided Sri Lankan shares to close at an all-time high on Monday.

The CSE All-Share index was up 0.89% at 9,709.14 points at the closing bell.

Commercial Leasing and Finance Plc and conglomerate Expolanka Holdings were top boosts to the index, rising 18% and 1.2%, respectively.

According to media reports, the Sri Lankan government has decided to obtain a loan facility of $500 million from India to purchase crude oil amid a severe foreign exchange crisis in the island nation.

On Friday evening, data from the Central Bank of Sri Lanka showed an increase of 9.2 and 6 index points in the manufacturing sector PMI and the services sector PMI, respectively, for September.

Sri Lankan shares end lower as financials weigh

The expectations for business activities for the next 3 months rose in September following the easing of travel restrictions as domestic COVID-19 cases fell, while those for manufacturing activities remain at elevated levels anticipating further improvements in economic condition.

Last week, the Sri Lankan central bank held interest rates steady on Thursday as it sought to support economic recovery after increasing rates in August.

The equity market's turnover was 2.75 billion rupees ($13.75 million), according to stock exchange data.

Trading volume on the exchange rose to 159.9 million shares, from 142.8 million shares in the previous session.

Foreign investors were net sellers in the equity market, offloading shares worth about 227.6 million rupees, as per exchange data.

The island-nation reported 578 new coronavirus cases in the last 24 hours, taking the total to 531,648, while the death toll was at 13,484, according to data from the health bureau.

About 58.56% of the country's population is fully vaccinated so far, as per Johns Hopkins University.