Sri Lankan shares jumped over 1.2 percent on Tuesday as local investors bought risky assets, after an International Monetary Fund statement said a three-year loan programme is expected to conclude in two weeks, dealers said. Sri Lanka has requested for an IMF loan to help weather a looming balance of payments crisis. The benchmark stock index rose 1.24 percent to close at 6,353.20, its highest close since February 10.
"The IMF loan is seen as a positive factor," said Dimantha Mathew, head of research, First Capital Equities (Pvt) Ltd. Turnover stood at 755.2 million rupees, just below this year's daily average of 790.7 million rupees. Foreign investors sold a net 31.3 million rupees ($215,209.02) worth equities, extending the year-to-date net foreign outflow to 3.25 billion rupees. Conglomerate John Keells Holdings PLC and Hemas Holdings PLC gained 1.8 and 7 percent respectively. The market will be closed for Sinhala-Tamil new year on Wednesday and Thursday. Trading will resume on Friday.
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