Bourse closes in red amidst low investor participation

The bourse closed on a negative note yet again for the third consecutive day backed by profit taking and low investor participation.

EXPO was the biggest drag on the index whilst banking sector heavyweights HNB and SAMP were also among the top negative contributors for the day. The poor sentiment during the day was largely due to the upcoming domestic creditors meeting which is scheduled for tomorrow the April 20.

Furthermore, high net investor activities were evident on JKH and SPEN which partially offset the losses during the day. Moreover, the primary dealer shares witnessed extended profit taking during the day whilst, CFVF came down on their ex-dividend.

The turnover was recorded as 632.7 Mn, 57% lower than the monthly average of 1.5 Bn, which was marked as the lowest in two weeks, contributed by the Transportation sector (18%) and Capital Goods sector (16%).

EXPO and NDB led the overall turnover while EXPO contributed to LKR. 116.8 Mn (18%) and NDB contributed LKR. 63.4 (10%). Meanwhile, MARAR dominated the market volume with 9.5 Mn shares (25%) while BIL recorded the second largest volume of 4.0 Mn shares (11%). Overall volume declined compared to the previous session and recorded at 38.01 Mn.

Foreign investors turned net sellers with low participation recording a net foreign outflow of LKR 44.24 Mn.

(Compiled by First Capital Research)