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‘Market commences week red despite improved investor participation’

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Commencing the week, ASPI continued to fall lower marginally, as retail selling was observed on index heavyweights (mainly LIOC, LOLC and EXPO).

Accordingly, index displayed a downtrend since the beginning of the session yet partly recouped earlier losses towards the end as persistent rally was witnessed on Softlogic companies (AAIC and SCAP) on the back of mergers and takeover speculations floating among investors.

Although ASPI closed the day at 8,381, losing 44 points, turnover improved compared to the previous session and recorded at LKR 2.4Bn (+5% cf. monthly average turnover of LKR 2.3 Bn) amidst improved retail participation.

Insurance sector alone continued over 50% to the market turnover (c.53%) as investors continued trading on AAIC and SCAP. Moreover, AGST.N witnessed a stake change of c.0.8% through an off-board transaction totalling to 3.9 Mn shares at LKR 16.20.

Meanwhile, SCAP continued to record the largest volume of 53.2 Mn shares (42%) followed by BIL, which recorded a volume of 9.0Mn (7%).

Foreign investors remained net buyers for the third straight day while displaying low participation and recording a net foreign inflow of LKR 12.6 Mn.

First Capital Research

Tuesday, January 10, 2023 – 01:00

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