Shares close higher as industrial stocks surge

• Investors cheer Cabraal’s appointment as new CB Governor 

REUTERS: Sri Lankan shares gained nearly 2 percent yesterday, bouncing back from a near three-week low hit in the previous session, helped by gains in industrial and financial stocks and as the government appointed a new Central Bank Governor.

Sri Lanka re-appointed State Minister Ajith Nivard Cabraal as the Governor of its Central Bank, effective Sept. 15, the President’s office said in a statement on Monday.

The appointment comes after former governor, W.D. Lakshman, said on Friday he will step down, at a time when the South Asian nation is at the risk of a default.

The CSE All-Share index rose 1.82 percent to 8,692.60 points at the closing bell, after logging its worst day since February on Monday.

Conglomerates Expolanka Holdings PLC and LOLC Holdings were top boosts, rising 6 percent and 3 percent respectively. The equity market’s turnover was Rs.3.6 billion according to stock exchange data.  Trading volume on the exchange fell to 148.7 million shares from 228.2 million shares in the previous session. Foreign investors were net sellers in the equity market, offloading shares worth Rs.219 million, exchange data showed. The island-nation reported 2,560 new coronavirus cases in the last 24 hours, taking the total to 488,482. It reported 135 fatalities due to COVID-19 in the last 24 hours, bringing the death toll to 11,431, Health Bureau data showed. About 48.52 percent of the country’s population is fully vaccinated so far, data from Johns Hopkins University showed.