ASPI ends in red

The bourse displayed a volatile yet downward trajectory during the day partly due to profit taking due to lack of investor confidence pruned by the VAT expenses which were confirmed in the budget 2024 which subsequently dragged investor participation.

Moreover, selected Banking sector counters with index heavy weights dragged the index as the market participants chose to book profits on the above stated shares. Despite the negative sentiment, retail savvy counters namely GLAS, TKYO and LIOC alongside SPEN representing the tourism sectors contributed positively but failed to keep up the momentum towards the latter part of the day as the index registered at 10,784 losing 53 points. Furthermore, the turnover was recorded at LKR 674.5Mn, 25% lower than the monthly average of LKR 900.2 Mn mainly contributed by the Food, Beverage and Tobacco and Utility sectors for a joint contribution of 52%.

First Capital Research

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