‘Foreign buying on EXPO dominates market turnover’

Bourse continued its downward momentum yet another day as sizable selling pressure was witnessed on index heavyweights including LIOC and BIL, as investors urged to collect profits.

As a result, the index fell lower and traded in the negative zone till the end of the session to close the day at 8,509 losing 118 points. Despite a drop, turnover improved to LKR 2.8 Bn (+22% cf. monthly average turnover of LKR 2.3 Bn) which was largely led by the Transportation sector with a contribution of 50% as foreign buying of LKR 1.1 Bn was enticed on EXPO during the day.

Energy sector (mainly LIOC) and Capital Goods sectors continued to lead the turnover with a contribution of 14% and 8%, respectively.

Foreign participation remained healthy and recorded a net foreign inflow of LKR 1.2 Bn, supported by off-board transactions of EXPO.

Courtesy First Capital Research