Sri Lanka shares mark longest gaining streak since early January

Sri Lankan shares closed near an 11-week high on Monday, registering their eighth straight session of gains, led by sharp advances in financial stocks.

The CSE All-Share index ended up 1.1% at 8,422.97, clocking its longest gaining streak since early January.

Amid severe fuel shortages, Sri Lanka has given approval to Lanka Indian Oil Corp to open 50 new fuel stations, a company official said.

Sri Lanka, which has faced political upheaval amid its worst financial crisis in more than 70 years, is considering a restructure of local and sovereign debt, President Ranil Wickremesinghe said on Friday.

Conglomerate LOLC Holdings was the biggest boost to the index, surging 17.1% to its highest since early June.

On the CSE All-Share index, trading volume fell to 58.6 million shares from 101.9 million shares in the previous session.

The equity market turnover was 3.33 billion Sri Lankan rupees ($9.24 million), according to exchange data.

Foreign investors were net sellers in the equity market, offloading 155.5 million rupees worth of shares, while domestic investors were net buyers, purchasing 3.24 billion rupees worth of shares, the data showed.

Reuters (Source)