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ASPI peaks at a 2-week high

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Broad market witnessed a solid gain as the ASPI crossed the 9,000 psychological level for the second time during the month, strongly backed by the bullish sentiment from investors after the IMF decided to consider the EFF for Sri Lanka despite China’s assurance on debt restructuring.

On that note, index gained sharply and continued to move on a steady uptrend as high net worth investor interest largely spanned on Banking sector counters. Sri Lanka nearing IMF board level agreement further prompted interest on treasury counters while blue-chip counters including. HHL saw revitalized buying interest during the day.

Meanwhile, potential privatization talks on SOE’s started to reflect on SLTL which gained sharply during the session as the market closed at 9,082 with a solid gain of 234 points. Moreover, market turnover too climbed to a 2-week high of LKR 2.3 Bn (+26% cf. monthly average turnover of LKR 1.8 Bn) dominated by a joint contribution of 52% from the Capital Goods sector (33%) and Banking sector (19%).

First Capital research

Tuesday, February 21, 2023 – 01:00

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