Sri Lanka shares rose more than 3% on Thursday as the industrial and financial sectors rallied, with the country’s president set to appoint a new prime minister and cabinet this week.
The CSE All-Share index closed up 3.2% at 7,754.62. The markets were closed on Tuesday and Wednesday.
Sri Lankan President Gotabaya Rajapaksa said on Wednesday he would appoint a new prime minister and cabinet this week, after his elder brother and former premier Mahinda Rajapaksa resigned following deadly violence in the country.
The president’s statement followed comments from Sri Lanka’s central bank governor that he would quit within weeks unless political stability was restored.
The World Bank has promised financial aid to help the island nation overcome its economic crisis. Sri Lanka has also appealed to multiple countries and multilateral organisations for bridge financing until it gets aid from the International Monetary Fund.
The equity market turnover was 1.19 billion Sri Lankan rupees ($3.26 million) on Thursday.
Trading volume rose to 59.3 million shares, from 47.7 million shares in the previous session.
Foreign investors were net sellers in the equity market, selling shares worth 71.34 million rupees, while domestic investors were net buyers, picking up 1.17 billion rupees worth of shares, exchange data showed.