Shares end higher as industrials, financials gain

REUTERS: Sri Lankan shares ended up over one percent yesterday at a record high, boosted by gains in industrial and financial stocks, marking their best week since early October.

The CSE All-Share index (.CSE) closed up 1.56 percent at 11,197.68 points. For the week, the index rose 5.1 percent, its best week since the week ending October 1.

On Thursday, the Central Bank of Sri Lanka (CBSL) left the standing deposit facility rate and the standing lending facility rate unchanged at 5.00 percent and 6.00 percent, respectively, as expected. read more
Gains in Sri Lankan shares come even as broader markets tumble on concerns over a new possibly vaccine-resistant coronavirus variant. Little is known of the variant, detected in South Africa, Botswana and Hong Kong but scientists say it has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible.

Conglomerate Expolanka Holdings (EXPO.CM) and Lanka ORIX Leasing Company PLC (LOLC.CM) were the top boosts, rising 5.2 percent and 10.16 percent, respectively.

The equity market’s turnover was Rs.9.15 billion (US $ 45.30 million) according to stock exchange data.

Trading volume on the exchange fell to 335.1 million shares from 459.28 million shares in the previous session. Foreign investors were net sellers in the equity market, offloading shares worth about Rs.392.5 million, as per exchange data.

The island nation reported 740 new coronavirus cases in the last 24 hours, taking the total to 560,345, data from the country’s health bureau showed.

The total death toll was at 14,232, according to the data. About 62.94 percent of the country’s population is fully vaccinated so far, according to data from Johns Hopkins University.