Communication services and financial stocks gain strength

COLOMBO: Sri Lankan shares closed higher, supported by gains in communication services and financial stocks, with investor focus turning to the release of the 2023 budget due on Monday, Reuters reported.

The CSE All-Share index rose 1.16% to 8,419.06, marking a third straight day of gains. It was, however, down 0.86% for the holiday-shortened week after a steep fall on Tuesday.

Sri Lanka Telecom PLC and financial service provider LOLC Finance PLC were the top boosts, rising 5.3% and 3%, respectively.

Trading volume on the CSE All-Share index fell to 36.6 million shares from about 67 million in the previous session.

The equity market’s turnover was 862 million Sri Lankan rupees ($2.37 million), according to exchange data.

Foreign investors were net buyers in the equity market, purchasing 93.8 million rupees of shares, while domestic investors were net sellers, offloading stocks worth 858.9 million rupees, data showed.