Bourse recorded a reversal and closed the day in the red zone as investors remained on the sidelines awaiting clarity on the debt restructuring process, which overshadowed the positive implications of the 2024 budget proposal.
Meanwhile, profit-taking was witnessed on Banks and index heavy weights following sizable price gains witnessed during the previous sessions. Also, lingering selling pressure on MELS further dragged the index down below the 10,800 level as the dividend of LKR 4.27 per share reached the XD date today. Hence, the index closed at a 2-week low of 10,775, losing 123 points.
On a positive note, the Hotel sector displayed mixed sentiment, with tourist arrivals for the first 12 days of November surpassing 55,000, signaling notable improvement amid the peak season. In the midst of low retail and foreign participation, turnover continued to record low at LKR 891.5 Mn remaining 13.5% lower cf. monthly average turnover of LKR 1 Bn and was largely led by Capital Goods (28%) and Diversified Financials (20%) sectors.
Moreover, foreign investors turned net sellers after 5 consecutive sessions amidst low participation.
JKH and CALT led the overall turnover while JKH contributed LKR 150.1Mn (17%) and CALT contributed LKR 87.1Mn (10%).
Meanwhile, DIAL dominated the market volume with 5.5Mn shares (15%) while SEMB.X was the second largest contributor with 5.0Mn shares (14%). Overall volume improved to 37.1Mn.
Foreign investors turned net sellers amidst low participation recording a net foreign outflow of LKR 71.9Mn. Accordingly, BUKI, NDB and DIAL were the top three shares to lead foreign inflow while JKH, HAYC and HHL were the three counters recording the largest foreign outflow. (First Capital Research)
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