Sri Lankan shares ended higher on Wednesday to close at fresh 5-1/2-month high, driven by a surge in financial companies.
The CSE All-Share index ended up 1.7% at 9,914.12 points. The index is down nearly 19% so far this year.
International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday that she hoped to see Sri Lanka’s public creditors quickly engage and then bring private creditors on board for debt negotiations.
Financial advisory group Lazard has started talks with India, China and Japan on restructuring Sri Lanka’s debt, a Sri Lanka government spokesman said Tuesday, as the crisis-hit nation seeks an International Monetary Fund (IMF) bailout.
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.
Sri Lankan shares snap four-day win streak as financials weigh
Microfinance company LOLC Development Finance Plc and commercial lender Sampath Bank were the top financial gainers, rising 8.4% and 13.7%, respectively.
Trading volume on the CSE All-Share index rose slightly to 158.9 million shares from 152.2 million shares in the previous session.
The equity market turnover was 4.10 billion Sri Lankan rupees ($11.55 million), according to exchange data.
Foreign investors were net buyers in the equity market, purchasing 830.6 million rupees worth of shares, while domestic investors were net sellers, offloading 3.94 billion rupees worth of stocks, data showed.
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