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DDO clearance boosts CSE confidence

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Positive momentum in the Colombo Bourse was seen during the month following the announcement of the Domestic Debt Optimization program by the Central bank, resulting in a minimal impact on the banking industry.

Accordingly, the Colombo Bourse closed positive in July, with the benchmark All Share Price Index (ASPI) rising +20.6% month on Month (MoM)to 11,387 points (an increase of 1,944 index points MoM). Meanwhile, the more liquid S&P SL20 index rose +22.0% MoM to 3,310 points (an increase of 596 index points).

CT CLSA latest Market Statistics Report for says 2023 that the average daily turnover was reported highest since September 2022 to Rs. 3,655 mn in July 2023 (vs. Rs. 1,500mn in June 2023). Top contributors to monthly turnover were Agalawatte Plantations (AGAL, Rs.4, 697mn, 118mn shares), John Keells Holdings (JKH, Rs.4,092 mn, 26mn shares), and Lanka IOC (LIOC, Rs.3,062mn, 22mn shares).

Net foreign inflows recorded at Rs.2, 231mn in July 2023 following a net foreign outflow of -Rs.205mn in June 2023. During the month, net foreign buying was seen in Aitken Spence (SPEN, +Rs.610mn), John Keells Holdings (JKH, +Rs.587mn), and Commercial Bank of Ceylon (Voting) (COMB-N, +Rs.295mn), whilst net foreign selling was seen in Sunshine Holdings (SUN, -Rs.407mn), Ceylinco Insurance (Non-Voting) (CINS-X, -Rs.64mn), and John Keells Hotels (KHL, -Rs.51mn).

Meanwhile yestertady too, ASPI continued the uphill trend.

The bourse moved on an upward trajectory displaying a volatile trend as it closed the day on a positive note at 11,682 gaining 48 points. Moreover, selected banking sector shares namely COMB, SAMP and SEYB alongside blue-chip companies backed the index exceptionally well to continue its positive momentum in the green zone.

Furthermore, treasury shares witnessed panic selling due to the speculations of a possible introduction of withholding tax or a super gains tax on primary dealer companies.

Meanwhile, JKH continued to back the turnover positively for the 9th consecutive session yesterday as foreign investors displayed improved buying interaction, resulting the turnover to record at LKR 3 Bn.

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