Index closes higher; JKH drives turnover to 2-month high

Bourse settled firmly in the green zone trading positively throughout the day while recording an intraday gain of 80 points, largely attributed to the positive market sentiment driven by anticipated healthy quarterly results within the Banking sector and possible reversal of losses from Hotel counters.

In response to that, HNB, SAMP and COMB largely led the ASPI. Furthermore, Hotel counters also experienced a streak of price gains, with market anticipation of improved tourist arrivals in the forthcoming months during the holiday season. On the other hand, revitalized interest was witnessed on HHL amid speculations on a potential bid for Lanka Hospitals Corporation PLC which is under the Government’s list of entities for divestiture. Meanwhile, high net worth, institutional investors’ and foreign participation continued on index heavyweights through off-board transactions namely JKH and EXPO which largely backed the market turnover.

Accordingly, turnover spiked to a 2-month high of LKR 1.9Bn (+117% cf. monthly average turnover of LKR 890.7Mn) and was largely led by the Capital Goods sector with a contribution of 44%, out of which JKH solely contributed 11% through off-board transactions.

First Capital Research

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