Shares rise on consumer staples boost

Reuters: Sri Lanka’s main stock index closed higher yesterday and eked out a slight gain for the week, helped by advances in stocks of consumer staples companies.

The CSE All Share Index ended 0.4% higher at 6,085. It edged up 0.04% for the week, marking its third straight weekly gain.

Liquor maker Distilleries Company of Sri Lanka PLC gained for a third straight session and was the biggest boost. It closed 5.6% higher at its best level since August 2018. 

Food retailer Cargills (Ceylon) PLC climbed 3.7%. Sri Lanka Telecom PLC slipped 1.8% and was the biggest drag on the index. 

Trading volume on the benchmark index fell to 51.1 million from 92.5 million in the previous session. Foreign investors were net sellers in the equity market, offloading Rs. 289.1 million ($ 1.56 million) worth of shares, according to exchange data.Equity market turnover was 1.5 billion rupees, the data showed. The rupee was last quoted at Rs. 185 against the dollar.