After a hectic routine of panic selling the market rebounded and closed the day in green after 3 weeks of losses as investors took positions in fundamentally strong shares.
The optimistic sentiments were also driven by the Dialog- Airtel merger announcement yesterday which prompted investor participation, leading the market to close at 8,800, gaining 88 points. Furthermore, revitalized interest in treasury shares triggered investor interaction due to the bill auction amidst assumptions of the rates declining, in line with the inflation.
Meanwhile the turnover was recorded as LKR 611.7Mn, 37% lower than the monthly average of LKR 965.3 Mn aided by the Capital Goods sector (32%) and the Food and Beverage sector (14%).
JKH and LIOC led the overall turnover while JKH contributed to LKR. 127.8 Mn (21%) and LIOC contributed LKR 56.7 Mn (9%). Meanwhile, BIL dominated the market volume with 6.04 Mn shares (20%) while SEMB recorded the second largest volume of 2.13 Mn shares (7%). Overall volume decreased compared to the previous session and recorded at 29.9 Mn.
Foreign investors remained net sellers with moderate participation recording a net foreign outflow of LKR73.8 Mn. (First Capital Research)