Sri Lanka's Stock Market Rises as Inflation Slows
On December 1st, according to Reuters, the Sri Lankan stock market rose for the fifth consecutive trading day on Thursday, boosted by expectations of a rebound in the country's tourism industry due to slowing inflation.
At closing, the CSE all-share index rose 0.61% to 8,703.79, reaching the highest level in a month.
After experiencing a 13.38% decrease last month, the index rose by 0.57% in November.
The national statistical bureau announced after the market closed on Wednesday that Sri Lanka's key inflation rate, the Colombo Consumer Price Index (CCPI), decreased from 66% in October to 61% in November.
The minister of tourism stated on Thursday that the island nation hopes to double the number of tourist arrivals next year to 1.5 million, bringing in a significant foreign exchange income of USD 5 billion.
The Ceylon Tobacco Company PLC and LOLC Holdings PLC were the biggest boosters to the CSE All Share Index, rising by 6.5% and 3.6% respectively.
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