ASPI rises on index-heavyweights and banking sector recovery
The broader market experienced an upward momentum during the first few hours of trading, yet remained sideways towards the latter as investor participation remained low, ultimately resulting in both indices closing in the green.
On days marked by uncertainty, the limited participation of HNWIs was evidenced by the lack of crossings, while index-heavyweights such as MELS, SPEN, LOLC, CTC and LLUB exerted significant positive influences on both the index and turnover. Additionally, a recovery in Banking sector stocks was observed. Accordingly, ASPI closed at 12,104, gaining 54 points, recoveringslightly by 0.5% compared to yesterday.
Meanwhile, turnover experienced a 31.1% increase from the previous day, totaling LKR 900.0Mn, although decreased by 48.1% compared to the monthly average standing at LKR 1.7Bn. The Food, Beverage, and Tobacco sector led turnover at 20.0%, with the Capital Goods and Materials sectors jointly contributing 38.2% to the overall turnover. Foreign investors remained net sellers, recording a net outflow of LKR 31.1Mn.
HAYL and DIPD led the overall turnover with HAYL recording a turnover of LKR 85.6Mn (10%) whilst DIPD recorded a turnover of LKR 67.5Mn (7%). Meanwhile, DIAL dominated the market volume with 4.3Mn shares (11%) while LOFC was the second largest contributor with 3.6Mn shares (9%). Overall volume decreased to 39.5Mn.
Foreign investors remained net sellers recording a net foreign outflow of LKR 31.1Mn, amidst low participation. Accordingly, DIAL, HHL, and AGST were the top three shares to lead foreign outflow while EAST, MELS, and TKYO.X were the three counters recording the largest foreign inflow. First Capital research
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