Shares close at 10-week high

Saturday, 6 August 2022 00:14 - - {{hitsCtrl.values.hits}}

REUTERS: Sri Lankan shares closed at a 10-week high on Friday, boosted by consumer staples and logged their fourth straight weekly gain on hopes of securing a bailout package amid its worst economic downturn in decades.

The CSE All-Share index ended up 1.3% at 8,333.37, rising for a seventh straight session. The index ended up 7.8% this week, its best since week-ending 13 May 2022.

On the CSE All-Share index, trading volume fell to 101.9 million shares from 150.2 million shares in the previous session. The equity market turnover was Rs. 3.7 billion.

Foreign investors were net sellers in the equity market, offloading Rs. 316.3 million worth of shares, while domestic investors were net buyers, purchasing Rs. 3.7 billion worth of shares.

Sri Lanka will restart bailout talks with the International Monetary Fund in August, the country’s new President said this week, while calling on lawmakers to form an all-party Government to resolve the economic crisis.

Sri Lanka is considering a restructure of local and sovereign debt, President Ranil Wickremesinghe said on Friday.