Sri Lankan shares ended higher on the first trading day of 2023 on Monday, helped by gains in industrial stocks.

The CSE All-Share index rose 0.23% to 8,509.60, posting gains for the third consecutive session.

Last year, the index fell 30.5%, logging its worst year since 2008 as the island nation battled a severe economic crisis.

Conglomerate Expolanka Holdings and life insurance solutions provider Softlogic Life Insurance Plc were the biggest boosts on Monday, rising 1.65% and 11.89%, respectively, according to Refinitiv data.

The trading volume fell to 130.9 million shares from 239.3 million shares in the previous session.

The equity market’s turnover fell to 1.87 billion Sri Lankan rupees ($5.15 million) from 1.89 billion rupees in the previous session, according to exchange data.

Sri Lanka shares end lower as financials and consumer staples weigh

Foreign investors were net sellers in the equity market, offloading stocks worth 84.7 million rupees, while domestic investors were net buyers, purchasing 1.86 billion rupees of shares, the data showed.