Sri Lanka shares end muted after central bank holds rates as expected

Sri Lankan shares closed little changed on Wednesday, after the country’s central bank held interest rates steady in a widely anticipated move.

The CSE All Share index settled at 22,844.23, up 0.1%.

The Central Bank of Sri Lanka kept its policy interest rate unchanged at 7.75%, as it awaited approval of the country’s budget and the latest loan review from the International Monetary Fund.

Among sub-sectors, utilities was the top percentage gainer on the day with a 1.8% rise, while IT stocks were the top loser with a 0.7% drop.

Trading volume on the CSE All Share index climbed to 157.3 million shares from 109.9 million in the previous session.

The equity market’s turnover fell to 3.44 billion Sri Lankan rupees ($11.2 million) from 4.06 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 280 million rupees, while domestic investors were net buyers, purchasing shares worth 3.29 billion rupees, the data showed.