Financials, IT stocks lift Sri Lanka shares ahead of federal budget

Sri Lankan shares closed higher on Thursday, lifted by gains in financial and information technology stocks, a day before the island nation is slated to unveil its national budget.

The CSE All Share index settled up 0.7% at 23,112.48.

Kotmale Holdings and Senkadagala Finance were the top two percentage gainers on the CSE All Share, each rising about 25%.

President Anura Kumara Dissanayake will unveil the national budget on Friday, emphasizing economic reforms to meet IMF targets critical to unlocking further financing from the global lender and attracting investment to revitalise growth.

Trading volume on the CSE All Share index rose to 187.1 million shares from 161.7 million shares in the previous session.

The equity market’s turnover rose to 6.06 billion Sri Lankan rupees ($20 million) from 4.41 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 360 million rupees, while domestic investors were net buyers, purchasing shares worth 5.74 billion rupees, the data showed.