IT stocks drive Sri Lanka shares higher

Sri Lankan shares climbed on Tuesday, lifted by a jump in information technology stocks.

The CSE All Share index settled 2.04% higher at 22,034.32.

All sectors advanced on the day. IT stocks led gains with an 8.4% rise.

Colombo Dockyard and Bogala Graphite Lanka were the top two percentage gainers on the CSE All Share, rising about 25% each.

The island nation’s fragile economic recovery will be delayed as Cyclone Ditwah’s devastation of homes, roads and vital crops pushes more families into poverty, with officials warning the bill to rebuild could soar to $7 billion.

Trading volume on the CSE All Share index rose to 105.8 million shares from 83.2 million in the previous session.

The equity market’s turnover climbed to 3.88 billion Sri Lankan rupees ($12.57 million) from 2.84 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 220.6 million rupees, while domestic investors were net buyers, purchasing shares worth 3.81 billion rupees, the data showed.