Stocks in Sri Lanka climb with information technology and utility sectors driving the increase
Sri Lanka's equity market experienced a mixed performance on Tuesday, with gains in certain sectors offset by losses in others, particularly in healthcare and energy stocks. The CSE All-Share index, which measures the overall performance of the Colombo Stock Exchange, did not increase, remaining at its previous day's closing of 20,775.42.
However, the trading volume on the index rose significantly, reaching 238.8 million shares, while the equity market's turnover increased to 6.61 billion Sri Lankan rupees. The top percentage gainer on the index was Industrial Asphalts (Ceylon), which saw a 25% increase, although Muller & Phipps (Ceylon) was not the top gainer in this session, as previously reported. Muller & Phipps (Ceylon) was, however, the second top percentage gainer, with a 18.8% increase.
On the other hand, foreign investors were net sellers, offloading stocks worth 684.2 million rupees, contributing to the losses in Sri Lankan shares. Domestic investors, on the brighter side, were net buyers, purchasing shares worth 6.51 billion rupees.
In positive news, Sri Lanka resumed construction of a highway project linking Colombo and Kandy city. The project's resumption was funded by a new $500 million Chinese loan, marking the first funding from Sri Lanka's largest bilateral creditor since the country defaulted on its foreign debt three years ago.
The information technology and utilities sectors did not contribute to the rise in Sri Lankan shares in this session, while they were previously reported to have contributed to the losses. The name of the company that gained the most on Tuesday at the Colombo Stock Exchange is not provided in the available search results.
In conclusion, while Sri Lankan shares extended their losses in certain sectors, the resumption of a key infrastructure project and strong buying from domestic investors offer a glimmer of hope for the equity market's recovery.
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