Sri Lankan shares end higher for fifth day on communication services boost

March 08, 2023 09:40 PM AEDT | By Reuters
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March 8 (Reuters) - Sri Lankan shares closed higher for a fifth straight session on Wednesday, helped by gains in communication services stocks.

* The CSE All-Share index rose 0.05% to 9,647.86.

* The Export-Import Bank of China has told Sri Lanka it will try to finalise in the months ahead how it treats debt owed by the crisis-hit nation, and reiterated a moratorium for debt due in 2022 and 2023, according to a letter seen by Reuters.

* The International Monetary Fund (IMF) said on Tuesday the country had secured financing assurances from China, India and all its major bilateral creditors, paving the way for the IMF board to consider approval of a long-awaited $2.9 billion bailout.

* The IMF also said its board will meet on March 20 to review a preliminary four-year agreement first signed in September, offering a lifeline to the South Asian country.

* On Wednesday, communication services firm Dialog Axiata and conglomerate Expolanka Holdings were the biggest boosts to the index, rising 10.1% and 1.5%, respectively.

* Trading volume fell to 108.1 million shares from 115 million in the previous session.

* The equity market's turnover fell to 3.27 billion Sri Lankan rupees ($10.38 million), compared with 3.44 billion Sri Lankan rupees in the previous session, according to exchange data.

* Foreign investors were net buyers in equities, purchasing stocks worth 144.2 million Sri Lankan rupees, while domestic investors were net sellers, offloading shares worth 3.15 billion Sri Lankan rupees, data showed.

* For a report on global markets, click ($1 = 315.0000 Sri Lankan rupees) (Reporting by Yagnoseni Das in Bengaluru; editing by Uttaresh Venkateshwaran)


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