Sri Lankan shares closed at their highest in over four months on Tuesday, logging their ninth straight session of gains, boosted by gains in consumer and financial stocks.

The CSE All-Share index ended up 0.9% at 8,500, clocking its longest gaining streak since late March 2021.

Sri Lanka said on Monday it had asked China to defer the planned visit of a Chinese ship to the island country after initially approving its arrival this week, yielding to diplomatic pressure from neighbour India to keep the military vessel out.

Meanwhile, Sri Lanka’s power regulator said on Tuesday it had approved a 75% hike in power tariffs.

Sri Lanka, which has faced political upheaval amid its worst financial crisis in more than 70 years, is considering a restructure of local and sovereign debt, President Ranil Wickremesinghe said last week.

Sri Lanka shares mark longest gaining streak since early January

Ceylinco Insurance Plc was the biggest boost to the index, surging 11.8%.

On the CSE All-Share index, trading volume rose to 151.1 million shares from 85.6 million shares in the previous session.

The equity market turnover was 5.35 billion Sri Lankan rupees ($14.99 million), according to exchange data.

Foreign investors were net buyers in the equity market, purchasing 195.4 million rupees worth of shares, while domestic investors were net sellers, offloading 5.22 billion rupees worth of shares, the data showed.