Utilities, communication services stocks boost Sri Lanka shares
- CSE All-Share index settled up 0.26% at 16,257.31
Sri Lankan shares closed higher on Friday, buoyed by gains in utilities and communication services stocks.
The CSE All-Share index settled up 0.26% at 16,257.31. It gained 2.1% in the holiday-truncated week.
Sri Lanka will reduce its household power tariffs by 20%, its power regulator said on Friday, in an effort to strengthen the country’s recovery from a severe financial crisis.
On the day, SMB Finance and UB Finance were the top two percentage gainers on the CSE All-Share index, rising 14.3%, each.
Trading volume on the index rose to 198.9 million shares from 158.2 million shares in the previous session.
Broad-based gains lift Sri Lanka shares
The equity market’s turnover rose to 5.42 billion Sri Lankan rupees ($18.3 million) from 5.01 billion rupees in the previous session, according to exchange data.
Foreign investors were net sellers, offloading stocks worth 405.1 million rupees, while domestic investors were net buyers, purchasing shares worth 5.23 billion rupees, the data showed.
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