Shares end higher as financials gain

Saturday, 19 June 2021 00:17 - - {{hitsCtrl.values.hits}}

Reuters: Shares settled higher on Friday, powered by gains in financial stocks with lender LOLC Development Finance extending gains for a fourth straight session.

The CSE All-Share Index closed up 0.74% at 7,715.46. Equity market turnover was Rs. 2.33 billion.

Trading volume on Friday fell to 73.9 million from 165.9 million in the previous session. Lender LOLC Development Finance surged 25% and was the top boost. The stock has surged 121% this week.

Foreign investors were net sellers in the equity market, off-loading shares worth 99.8 million rupees, exchange data showed.

Rating agency Fitch Ratings said on Friday it recalibrated its Sri Lanka National Rating scale.

Earlier this week, Fitch affirmed the country at “CCC”, indicating the possibility of a debt default.

Still, the nation's main stock index has added 1.4% this week, fuelled mostly by gains in financial stocks.