Sri Lankan shares settled higher on Friday for a third consecutive session to log their second straight weekly gain, supported by strength in industrial stocks.
The CSE All-Share index ended up 1.09% at 9,704.21. For the week, the index gained 4.16%.
Sri Lanka’s Colombo Stock Exchange said on Thursday trading hours would be extended by half an hour from Sept. 15, with pre-open session starting at 0930 a.m. local time (0400 GMT) and market closing at 1230 p.m.
Sri Lankan government plans to borrow $200 million from the Asian Development Bank to fund the implementation of food security and livelihood recovery emergency assistance project, the country’s department of external resources said on Friday.
The nation of 22 million is facing its worst economic crisis since independence in 1948, as it struggles with soaring inflation, economic contraction and a severe shortage of essential items caused by a record slump in foreign reserves.
Last week, Sri Lanka reached a preliminary agreement with the International Monetary Fund for a loan of about $2.9 billion, subject to certain conditions.
On the CSE All-Share index, trading volume fell to 173.2 million shares from 292.4 million shares in the previous session.
Sri Lankan shares end higher as industrials, financials gain
Conglomerates Expolanka Holdings Plc and John Keells Holdings Plc were the top boosts to the index, advancing 3.5% and 5.6%, respectively.
The equity market turnover was 4.13 billion rupees ($11.63 million), compared with 4.96 billion rupees in the previous session, according to exchange data.
Foreign investors were net sellers in the equity market, offloading nearly 343.1 million rupees worth of shares, while domestic investors were net buyers, purchasing 4.09 billion rupees worth of stocks, data showed.
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