Sri Lankan shares closed higher on Friday, snapping three sessions of losses, helped by gains in financial and consumer discretionary stocks.
The CSE All-Share index closed 0.25% higher at 9,419.35; however, down for the week, reversing course after four weeks of gains.
Holders of Sri Lanka’s international sovereign bonds face a 20% principal haircut in the country’s debt restructuring as well as maturity extensions and a reduction in coupons, according to a Barclays report.
The International Monetary Fund (IMF) on Monday approved a nearly $3-billion bailout for Sri Lanka; the country’s presidency said the programme would enable it to access up to $7 billion in overall funding.
Sri Lankan shares end lower as financial and industrial weigh
Cigarettes maker Ceylon Tobacco Company PLC and Senkadagala Finance PLC were the top boosts to the index, rising 4.5% and 16.5%, respectively, according to Refinitiv data.
Trading volume for the CSE All-Share index fell to 54.6 million shares from about 164.4 million in the previous session.
The equity market’s turnover fell to 1.90 billion Sri Lankan rupees ($5.94 million) from 3.44 billion rupees in the previous session, according to the exchange data.
Foreign investors were the net sellers in the equity market, offloading 720.7 million rupees worth of shares, while domestic investors were net buyers, purchasing stocks worth 1.78 billion rupees, the data showed.
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