Shares end higher for third day as financials, industrials gain

REUTERS: Sri Lankan shares closed higher for a third straight session yesterday, fuelled by gains in financial and 
industrial stocks.

The CSE All-Share Index closed up 0.23 percent at 7,659 and has gained 13.1 percent so far this year.

The island nation’s merchandise imports in April rose 52.1 percent and exports surged 189.8 percent from a year ago, Central Bank data showed after markets closed yesterday.

The Central Bank said  earnings from the tourism sector remained subdued in April but workers’ remittances continued to grow compared to the same period last year.

Financials and industrial stocks accounted for more than half the gains in yesterday’s session.

Lender LOLC Development Finance surged 25 percent for a second session and was the top boost. The stock has added nearly 80 percent so far in June, compared to a 3.5 percent rise in the 
main index.

Conglomerate Expolanka Holdings added nearly 4 percent yesterday and was the second biggest boost. The stock is up 13.5 percent this month.

Trading volume on Wednesday rose to 165.9 million from 88.2 million in the previous session.

Foreign investors were net buyers in the equity market, on-loading shares worth Rs. 684.9 million.

Equity market turnover was Rs. 3.96 billion, according to exchange data.