ASPI backslides to red amidst thin volumes

Bourse reversed to the red and partially wiped off gains of the previous session over extended profit booking on Banks while volumes remained thin.

Moreover, the Food, Beverage & Tobacco sector experienced a slight profit booking, contributing to the overall dip in the index. Consequently, index closed in the red at 11,387 losing 79 points. However, with the approaching peak season, bullish sentiment remained strong on hotel sector counters with higher investor participation observed on AHPL and CONN while tourism earnings surpassed USD 1.3Bn indicating a solid revival. Meanwhile, market turnover remained at poor levels amidst limited retail participation and recorded at LKR 1.2Bn falling 59% below the monthly average turnover of LKR 2.8Bn while Consumer Services sector (24%) alongside Capital Goods sector (20%) accounted for a joint contribution of 44%. Foreign investors turned net buyers led by DIST and MGT after two consecutive sessions of selling amidst low participation.

CONN and CDB led the overall turnover while CONN contributed LKR 112.5 Mn (10%) and CDB contributed LKR 78.3Mn (7%). Meanwhile, CONN dominated the market volume with 4.3Mn shares (11%) while SHOT was the second largest contributor with 3.4Mn shares (8%). Overall volume declined compared to the previous session and recorded at 40.6Mn.

First Capital Research

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