Sri Lankan shares end higher as materials, industrials lead gains

Sri Lankan shares closed higher on Friday, helped by gains in materials and industrials stocks.

The CSE All-Share index rose 0.57% to 21,085.09, gaining for a fourth straight session and marking a weekly gain after two consecutive weeks of losses.

UB Finance PLC and SMB Finance were the top percentage gainers on the index, up 35% and 28.6%, respectively.

Credit ratings agency S&P Global on Friday upgraded Sri Lanka’s foreign currency ratings from the “selective default” it had languished in since 2022, on progress in restructuring the island country’s remaining commercial debt.

Trading volume on the index rose to 377.1 million shares from 254.6 million shares in the previous session.

The equity market’s turnover fell to 6.51 billion Sri Lankan rupees ($21.5 million) from 6.86 billion rupees, according to exchange data.

Foreign investors were net buyers, purchasing stocks worth 75.7 million rupees, while domestic investors were net sellers, offloading shares worth 6.49 billion rupees, data showed.