Sri Lankan shares settled higher on Thursday for a second straight session, lifted by gains in industrial and financial stocks.

At the close of trade, the CSE All-Share index rose 0.89% to 10,001.19.

The island-nation is facing its worst economic crisis since its independence in 1948, as it grapples with soaring inflation, economic contraction and a severe shortage of essential items, caused by a record slump in foreign reserves.

Sri Lankan President Ranil Wickremesinghe held talks with foreign diplomats on debt restructuring and the International Monetary Fund programme, the country’s government said in a statement on Thursday.

Sri Lanka will make a presentation to its international creditors on Friday, laying out the full extent of its economic troubles and plans for a debt restructuring.

Consumer inflation in Sri Lanka accelerated to 70.2% in August from a year ago, after a 66.7% increase in July, the statistics department said on Wednesday.

Sri Lankan shares end higher as industrials rise

Trading volume on the CSE All-Share index rose to 147 million shares from 112.6 million in the previous session.

Conglomerates LOLC Holdings and Richard Pieris & Co and were the top index performers, climbing 5.3% and 6.8%, respectively.

The equity market turnover was 4.11 billion Sri Lankan rupees ($11.48 million), compared with 4.62 billion rupees in the previous session, according to exchange data.

Foreign investors were net buyers in the equity market, purchasing 357.8 million rupees worth of shares, while domestic investors were net sellers, offloading 4.08 billion rupees worth of stocks, data showed.