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Index continues to weaken as bearish sentiment extends

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Bourse closed in the red for the fourth consecutive session amid continuous price declines stemming from index heavy weights and Banks. ASPI moved negatively throughout the session and closed at 10,557 losing 90 points with investors resorting to the sidelines seeking direction on the upcoming budget.

However, SOEs namely SLTL and LHCL were among the top positive contributors to the ASPI owing to on-going privatization talks. Meanwhile, investors showed interest on Treasury counters, with anticipated decline in yields at the weekly T-Bill auction while defensive counters too enticed slight buying in the midst of uncertain market sentiment. Moreover, market turnover remained slack, recording at LKR 822.6Mn (-11% cf. monthly average turnover of LKR 927.9Mn) led by a joint contribution of 49% from the Diversified Financials sector (23%) and Banking (13%) and Capital Goods sectors (13%).

CTHR and JKH led the overall turnover while CTHR contributed LKR 92.8 Mn (11%) and JKH contributed LKR 64.3Mn (8%). Meanwhile, BIL dominated the market volume with 7.7Mn shares (20%) while EDEN.R was the second largest contributor with 4.8Mn shares (13%). Overall volume remained flat at 38.1Mn. Foreign investors turned net sellers despite low participation recording a net foreign outflow of LKR 3.3Mn.

Accordingly, JKH, RICH and LIOC were the top three shares to lead foreign inflow while FCT, SAMP and RCL were the three counters recording the largest foreign outflow. First Capital Research

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