Sri Lankan shares gain for fifth day as inflation eases

Sri Lankan shares extended gains to a fifth straight session on Thursday, boosted by expectations for a rebound in tourism in the crisis-hit nation as inflation eases.

* At the close of trade, the CSE All-Share index (.CSE) was 0.61% higher at 8,703.79, finishing at its highest level in a month.

* The index rose 0.57% in November, after a 13.38% decline in the previous month.

* Sri Lanka's key inflation rate, the Colombo Consumer Price index (LKCCPI=ECI) (CCPI) eased to 61% in November from 66% in October, the country's statistics department said after markets closed on Wednesday.

* The island nation hopes to double tourist arrivals to 1.5 million next year and bring in $5 billion in vital foreign exchange, the tourism minister said on Thursday.

* Cigarette firms Ceylon Tobacco Company PLC CTC.N0000 and LOLC Holdings PLC LOLC.N0000 were the biggest boosts to the CSE All-Share index, rising 6.5% and 3.6%, respectively.

* Trading volumes fell to 176.6 million shares from 281.4 million in the previous session.

* The equity market's turnover fell to 3.11 billion Sri Lankan rupees ($8.57 million), compared with 3.35 billion rupees in the previous session, according to exchange data.

* Foreign investors were net buyers in the equity market, purchasing stocks worth 926.1 million rupees, while domestic investors were net sellers, offloading shares worth 3.08 billion rupees, data showed.

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($1 = 363.0000 Sri Lankan rupees)