Stocks in Sri Lanka increase, with materials and industrial sectors spearheading the growth
The Colombo Stock Exchange (CSE) All-Share index rose for the fourth straight session on Friday, marking a much-needed positive trend after two consecutive weeks of losses. The index closed higher by 0.57%, driven by significant gains from SMB Finance and UB Finance PLC.
In a positive development for the Sri Lankan economy, foreign investors showed a net buying trend, purchasing shares worth 75.7 million rupees. However, domestic investors were net sellers, offloading shares worth 6.49 billion rupees, resulting in a total net selling by domestic investors that was significantly higher than the net buying by foreign investors.
The CSE All-Share index's trading volume increased, with 377.1 million shares traded compared to 254.6 million shares in the previous session. Yet, the equity market's turnover decreased to 6.51 billion rupees from 6.86 billion rupees in the previous session, according to exchange data.
UB Finance PLC, one of the top percentage gainers on the index, saw a 35% increase in its share price. SMB Finance, another top gainer, recorded a percentage gain of 28.6%.
Credit ratings agency S&P Global upgraded Sri Lanka's foreign currency ratings due to progress in restructuring the country's remaining commercial debt. This positive rating action is expected to boost investor confidence in the Sri Lankan market.
For those interested in understanding the key actors responsible for the rise in Sri Lankan shares on Friday, we recommend consulting specialized financial news websites, stock market analysis platforms, and economic research portals such as MarketScreener or TradingEconomics. Official press releases from Sri Lankan companies and government agencies involved, German financial newspapers and business magazines may also provide in-depth reports and interviews with market insiders connected to Sri Lankan investments.
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