Sri Lankan shares close lower as energy, consumer discretionary stocks weigh

Sri Lankan shares ended lower on Friday, hit by losses in energy and consumer discretionary stocks.

Sri Lankan shares close lower as industrials, consumer staples fall

• The CSE All-Share index fell 0.27% to 8,938.48, marking its worst week since Dec. 23.

• Sri Lanka’s bailout package can be presented to the International Monetary Fund’s board for approval as soon as the island nation obtains adequate assurances from bilateral creditors and meet remaining requirements, an IMF spokesperson said.

• The island nation has been struggling with its worst economic turmoil since independence from Britain in 1948, which has forced it to default on loans and seek a $2.9 billion bailout from the International Monetary Fund.

• Sri Lanka is currently focused on getting financing assurances from key bilateral creditors China and Japan.

• India, the third major creditor to Sri Lanka, agreed to support the country’s debt restructuring last month.

• Lanka IOC Plc and Teejay Lanka Plc were the biggest drags to the index, down 1.6% and 5.9%, respectively, according to Refinitiv data.

• The trading volume on the CSE All-Share index fell to 40.3 million shares from 44.6 million in the previous session.

• The equity market’s turnover rose to 1.41 billion Sri Lankan rupees ($3.91 million)from 1.22 billion rupees on Monday, according to exchange data.

• Foreign investors were net buyers in the equity market, purchasing stocks worth 187.8 million rupees, while domestic investors were net sellers, offloading 1.39 billion rupees worth of shares, the data showed.