Broad-based gains lift Sri Lankan shares

Sri Lankan shares closed higher on Thursday, aided by gains in financials and real estate among other sectors.

The CSE All-Share index settled 1.42% higher at 16,578.22.

India’s Adani Green Energy has told Sri Lanka it will withdraw from two proposed wind power projects, two weeks after Colombo said it was seeking to lower the cost of the power generated.

Sri Lanka began reviewing Adani Group projects after U.S. authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply deals, charges the firm has denied.

Industrial Asphalts (Ceylon) Plc and Muller & Phipps (Ceylon) Plc were the top gainers on the index, up 25% and 16.7%, respectively.

Trading volume on the index rose to 111.3 million shares from 97.4 million shares in the previous session.

Broad-based losses drag Sri Lankan shares lower

The equity market’s turnover rose to 3.59 billion Sri Lankan rupees ($12.14 million) from 2.39 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 987.7 million rupees, while domestic investors were net buyers, purchasing shares worth 3.49 billion rupees, the data showed.