Sri Lanka shares end higher as industrials, communication services gain

Sri Lankan shares closed higher on Friday, aided by industrial and communication service stocks.

The CSE All-Share index settled 0.03% higher at 12,314.38.

The index is up 1.72% for the week, its best weekly gain since April 26.

Sri Lanka is close to reaching an agreement with its external commercial creditors on a debt rework, International Monetary Fund spokesperson Julie Kozack said on Thursday.

“Discussions with external bondholders continue with the aim of reaching agreements in principle soon, negotiations with the China Development Bank are also at an advanced stage,” she said.

Sri Lanka shares end higher as financials, industrials gain

John Keells Holdings Plc and Sri Lanka Telecom Plc were the top gainers on the index, up 0.5% and 0.9%, respectively.

Trading volume on the index fell to 38.2 million shares from 49.2 million shares in the previous session.

The equity market’s turnover fell to 1.27 billion Sri Lankan rupees ($4.20 million) from 1.56 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 153.3 million rupees, while domestic investors were net buyers, purchasing shares worth 1.26 billion rupees, the data showed.