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“Progress made on debt restructuring talks reinstates investor confidence”

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Bourse edged up marginally and managed to settle in the green zone as investor confidence was reinstated on the back of the President’s statement on the progress of the debt restructuring talks with the bilateral creditors- China, and India. Meanwhile, retail participation witnessed only a marginal improvement as investors awaited further direction on domestic debt restructuring and signing of the IMF board level agreement. 

With the positive sentiment and the expectation on interest rates to ease down, investor sentiment gradually improved on the Banking sector and Treasury counters. Although, index surged high in the beginning, sizable volatility was observed during the day and managed to close the day flat at 8,386, gaining 10 points.

Turnover improved to LKR 1.4Bn (-32% cf. monthly average turnover of LKR 2.1Bn) on the back of increased investor participation. With the active participation of Softlogic companies AAIC and SCAP, Insurance sector continued to lead the turnover with a contribution of 30%, followed by the Diversified Financials sector which contributed 26% to the overall turnover. 

SCAP and CALT led overall turnover while SCAP contributed LKR 270.8Mn (19%), while CALT contributed LKR 147.0Mn (11%). Accordingly, SCAP dominated the market volume with 18.5Mn (23%) shares while, retail favourite BIL recorded the second largest volume of 10.1Mn share (12%) Overall volume displayed a slight rebound compared to the previous session and recorded at 81.9Mn.

Top gainers for the day were LPRT (+21%), ACAP (+10%), BOGA (+10%), TESS (+9%) and SDF (+9%). Meanwhile, top losers for the day were SEMB.X (-25%), BRR (-13%), LGL.X (- 8%), MULL (-8%) and BFN (-7%).

Foreign investors turned net buyers while displaying low participation and recorded a net foreign inflow of LKR 2.8Mn. Accordingly, SUN, MELS and LFIN were the top three shares to lead foreign inflow while LOFC, LIOC and HAYL were the three counters recording the largest foreign outflow. Courtesy First Capital Research

Thursday, January 19, 2023 – 01:00

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