Shares close at record high as financials gain

REUTERS: Sri Lankan shares closed at a record high yesterday, driven by solid gains in financial stocks as equity markets reopened after a two-day holiday.

The CSE All-Share index closed 1.78 percent higher at 9,881.50 points.

Commercial Leasing and Finance Plc and Lanka ORIX Leasing Company Plc were the top boosts to the index, gaining 19 percent and 6.3 percent, respectively. Sri Lanka’s national consumer price inflation rose 6.2 percent year-on-year in September compared with a 6.7 percent rise a month ago, according to data from the country’s statistics department.

On Tuesday, the Central Bank of Sri Lanka said the country’s trade deficit widened to US$ 586 million in August mainly due to a sharp increase in fuel imports.

The country’s import expenditure per barrel of crude oil amounted to US$ 74.88 in August 2021, compared with US$ 47.74 in August 2020.

Sri Lanka’s earnings from overall exports in August, however, grew 16.2 percent from the previous year to US$ 1.10 billion The equity market’s turnover was Rs.4.27 billion (US$ 21.35 million), according to stock exchange data.

Trading volume on the exchange dipped to 154.5 million shares from 159.9 million shares in the previous session. Foreign investors were net buyers in the equity market, purchasing shares worth Rs.84.4 million, as per exchange data.