May 29, 2024

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Sri Lankan shares increase as cenbank seems to ease default fears

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Feb 24 (Reuters) – Sri Lankan shares rose on Wednesday just after two straight periods of declines, boosted by customer and industrial stocks, soon after the central lender governor sought to alleviate fears that the island nation could default on its credit card debt servicing obligations.

* The benchmark inventory index ended .58% better at 7,371.86.

* Sri Lanka is dedicated to meeting its financial debt servicing obligations, central financial institution governor W.D. Lakshman mentioned, introducing that the island country is in talks with some overseas governments and multilateral establishments regarding its funds.

* The region has been dogged by dwindling overseas reserves, a tumbling currency and growing financial debt concentrations more than the past yr, top to escalating fears of a default.

* Distilleries Firm of Sri Lanka rose 5%, building it the best improve on the index, even though conglomerate Vallibel One particular and Ceylinco Insurance coverage added 7.5% and 6.1%, respectively.

* Investing quantity on the CSE All Share Index slipped to 75.7 million from 134.4 million in the preceding session.

* International traders were being internet-sellers, offloading 412.2 million Sri Lankan rupees ($2.13 million) value of shares, in accordance to exchange facts.

* Equity current market turnover was 2.62 billion Sri Lankan rupees, knowledge confirmed.

* The Sri Lankan rupee was very last quoted at 193.5 against the U.S. dollar, as of 1111 GMT.

* For a report on international markets, click

* For a report on major currencies, click ($1 = 193.5000 Sri Lankan rupees) (Reporting by Philip George in Bengaluru Enhancing by Amy Caren Daniel)

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