Index lingers in the red, pressured by month-end selling

Bourse closed in the red zone for the fifth consecutive session influenced by month-end selling pressure predominantly on Banks and index heavy-weights.

ASPI experienced a day of mild volatility while continuing to experience losses, losing 51 points to conclude at 11,114. Notably, during the day’s trading, shares of SAMP, HNB, and JKH garnered considerable interest from local high-net-worth investors.

Simultaneously, the hotel sector experienced a bullish sentiment, with share prices rising in anticipation of the upcoming peak tourism season set to commence in September. Meanwhile, Poultry based shares too witnessed activities with the expected dip in chicken prices after the lifting of the import ban on maize.

Market turnover continued to remain thin as it was recorded at LKR 1.7Bn (-50% cf. monthly average turnover of LKR 3.3Bn) amidst limited participation and continuous selling observed over the last few sessions while Banking sector (23%) and Capital Goods sector (17%) accounted for a joint contribution of 40%.

SAMP and TJL led the overall turnover while SAMP contributed LKR 289.2Mn (17%) and TJL contributed LKR 135.5Mn (8%). First Capital Reserch

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