Sri Lankan shares end higher as consumer staples surge

Island nation on Wednesday reported that its manufacturing activity indicated subdued performance in October

  

Sri Lanka's main stock index closed higher on Wednesday, driven by a surge in consumer staple companies, ahead of the country's monetary policy review on Thursday.

** The CSE All Share Index ended 0.89% higher at 6,141.79.

** The island nation on Wednesday reported that its manufacturing activity indicated subdued performance in October due to the adverse impact of the second wave of COVID-19 pandemic that started early this month.

** Sri Lanka's central bank said the country's manufacturing purchasing managers' index declined to 40.3 in October 2020 with a significant decline in production, new orders, employment, particularly in the apparel and food and beverages sectors.

** Sri Lanka is heavily reliant on tourism and garment exports for foreign exchange reserves.

** Conglomerates John Keells Holdings Plc and Melstacorp PLC were the top boosts to the benchmark, rising 2.1% and 6.9%, respectively.

** Trading volume on the main index rose to 88.4 million from 47 million in the previous session.

** Foreign investors were net sellers, offloading 309.5 million Sri Lankan rupees ($1.67 million) worth of shares, according to exchange data.

** Equity market turnover was 2.5 billion Sri Lankan rupees, data showed.

** The Sri Lankan rupee was last quoted at 185.60 against the U.S. dollar.

($1 = 185.6000 Sri Lankan rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay Dwivedi) ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

More From Markets