Shares register new closing peaks, industrials shine

REUTERS: Sri Lankan shares clocked a fifth consecutive record closing high yesterday, boosted by a surge  in industrial stocks.

The CSE All-Share index rose 0.7 percent to 13,169.4. The index has also advanced for seven straight days and is already up 7.7 percent in 2022 after an 80 percent surge last year.

Conglomerate Softlogic Holdings climbed nearly 28 percent yesterday, the biggest boost to the index, while construction materials firm Vallibel One added 8.6 percent.

The Sri Lankan rupee is languishing at 201 versus the dollar, according to Refinitiv data, as investors grapple with the risk of a debt default. The country has to repay about US$ 4.5 billion in 2022, starting with US$ 500 million in January.

The equity market’s turnover was Rs.9.46 billion (US$ 47.06 million), according to stock exchange data.
Trading volume fell to 419 million shares from 951.7 million shares in the previous session.

Foreign investors were net sellers in the equity market, offloading shares worth Rs.201.8 million, exchange data showed.

Meanwhile, data from the country’s health bureau showed Sri Lanka has reported 589,479 coronavirus cases and 15,065 deaths, as of Wednesday.

About 63.53 percent of Sri Lanka’s population has been fully vaccinated, according to data from Johns Hopkins University.