Sri Lankan shares end higher as financials jump

Sri Lankan shares ended higher on Thursday, helped by gains in financial stocks.

The CSE All Share index rose 2.49% to 8,843.05.

Sri Lanka raised electricity prices by 66% on Thursday, in a move the government hopes will persuade the International Monetary Fund (IMF) to provide a bailout for its crisis-stricken economy.

Separately, Sri Lanka and India will sign a pact to link their power grids and start negotiations on an upgraded trade agreement within two months, a Sri Lankan diplomat said on Wednesday.

The island nation is seeking to enhance trade and investments as it moves to close a $2.9 billion loan from the IMF, the country’s envoy to New Delhi told Reuters.

LOLC Finance and Expolanka Holdings Plc provided the biggest boost to the index, rising 17.9% and 2.7%, respectively, according to Refinitiv data.

Sri Lankan shares end lower as financials, IT stocks weigh

The trading volume on the CSE All Share index rose to 94.3 million shares from 82.2 million in the previous session.

The equity market’s turnover rose to 2.04 billion Sri Lankan rupees ($5.65 million) from 1.88 billion rupees on Wednesday, according to exchange data.

Foreign investors were net buyers in the equity market, purchasing stocks worth about 197.6 million rupees, while domestic investors were net sellers, offloading 1.84 billion rupees worth of shares, the data showed.