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Market rebounds to 2 ½- month high gain

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Continuing the positive momentum of the last session, bourse rebounded sharply recording the largest intraday gain of 120 points in 2 ½ months.

Index moved on a steady uptrend throughout yesterday’s session with investor participation predominantly centered on index heavyweights which were battered down during the previous weeks. Activities were enticed on selected banking sector counters (mainly HNB) amidst thin volumes as concerns on DDO mounted among market participants.

However, with the positive upturn in market activities index gained sharply by 120 points and closed at 8,755 led by the positive contribution from VONE, EXPO and COMB.

Meanwhile, market turnover showcased a sizeable improvement as it was recorded at a week high of LKR 940.5Mn (+30.9% cf. monthly average turnover of LKR 718.9 Mn) dominated by the Banking sector (21%) and Energy sector (18%).

However, foreign investors remained net sellers for the second consecutive day recording a cumulative net foreign outflow of LKR 277.1Mn.

Meanwhile, ASPH dominated the market volume with 7.5 Mn shares (17%) while BIL recorded the second largest volume of 4.3 Mn shares (10%). Overall volume marginally improved compared to the previous session and recorded at 42.7Mn.

Foreign investors remained net sellers amidst low participation recording a net foreign outflow of LKR 121.3 Mn. Accordingly, CCS, NTB and ASIR were the top three shares to lead foreign inflow while HNB, WIND and AGST were the three counters recording the largest foreign outflow.

First Capital Research

 

Thursday, May 25, 2023 – 01:00











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