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‘Market ekes solid gain as investors turn buoyant’

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Bourse reversed after recording 5 consecutive days of losses totaling to 359 with a solid gain as investors yet again turned bullish on Insurance sector counters while positive developments on the economic front further uplifted the bullish sentiment.

Index opened on a solid footing and moved on a steady upswing throughout the session after SCAP disclosed its stance on the potential sale of AAIC which reactivated buying interest among investors. Meanwhile, index-heavy weights such as LOLC and LOFC witnessed some activity following the quarter results which was released yesterday.

Further, positive indications from China to support Sri Lanka’s debt restructuring process to secure the IMF board level agreement largely supported the overall

sentiment as gains were observed broadly on many counters and closed for the day at 8,843 gaining 214 points.

Meanwhile, market turnover improved to LKR 2.0Bn (+12% cf. monthly average turnover of LKR 1.8Bn) dominated by the Insurance sector (mainly AAIC and SCAP) with a sole contribution of 30% followed by the Capital Goods sector with a contribution of 18%.

First Capital Research

Friday, February 17, 2023 – 01:00

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