Sri Lankan shares extended gains to a fifth straight session on Thursday, boosted by expectations for a rebound in tourism in the crisis-hit nation as inflation eases.

At the close of trade, the CSE All-Share index was 0.61% higher at 8,703.79, finishing at its highest level in a month.

The index rose 0.57% in November, after a 13.38% decline in the previous month.

Sri Lanka’s key inflation rate, the Colombo Consumer Price index (CCPI) eased to 61% in November from 66% in October, the country’s statistics department said after markets closed on Wednesday.

The island nation hopes to double tourist arrivals to 1.5 million next year and bring in $5 billion in vital foreign exchange, the tourism minister said on Thursday.

Sri Lankan shares extend climb as financials rise

Cigarette firms Ceylon Tobacco Company PLC and LOLC Holdings PLC were the biggest boosts to the CSE All-Share index, rising 6.5% and 3.6%, respectively.

Trading volumes fell to 176.6 million shares from 281.4 million in the previous session.

The equity market’s turnover fell to 3.11 billion Sri Lankan rupees ($8.57 million), compared with 3.35 billion rupees in the previous session, according to exchange data.

Foreign investors were net buyers in the equity market, purchasing stocks worth 926.1 million rupees, while domestic investors were net sellers, offloading shares worth 3.08 billion rupees, data showed.