Sri Lankan shares closed higher on Wednesday, pausing their four consecutive sessions of losses, lifted by gains in industrial stocks.
Sri Lankan shares tumble in worst session in five months
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The CSE All-Share index settled 0.89% higher at 9,319.01.
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Sri Lanka’s central bank is likely to maintain interest rates on Thursday in an effort to get a grip on inflation, which has remained stubbornly high despite a sharp contraction in the crisis-hit economy. The Central Bank of Sri Lanka has raised rates by a record 950 basis points this year.
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The island-nation is facing its worst economic crisis in seven decades, as it grapples with soaring inflation, economic contraction and a severe shortage of essential items, caused by a record slump in foreign reserves.
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Trading volume on the CSE All-Share index fell to 102.7 million shares, from 188.2 million in the previous session.
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The equity market turnover was 2.62 billion Sri Lankan rupees ($7.22 million), compared with 4.54 billion rupees in the previous session, according to exchange data.
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Foreign investors were net buyers in the equity market, purchasing 77.3 million rupees worth of shares, while domestic investors were net sellers, offloading 2.56 billion rupees worth of stocks, data showed.
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