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Rating upgrades restore investor confidence

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Bourse bounced back during yesterday’s proceedings and recorded an intraday gain of 32 points as investor sentiment boosted following S&P Global’s upgrade of Sri Lanka’s local currency rating from SD (selective default) to CCC+/C after the completion of domestic debt restructuring.

Accordingly, there has been a positive investor sentiment centered on index heavy weights and Banks. However, a cautious level of investor activity was seen during the day as the overall buying interest in the market slightly toned down during the mid-day after the index reached an intraday high of 11,283.

Nonetheless, the index managed to sustain the bullish optimism and closed for the day at 11,248. Retail investors showed interest on EDEN.N, given the ex-rights date falling on today. Furthermore, foreign participants continued to display buying interest on JKH for the second consecutive day, contributing to increased turnover, which reached LKR 943.0Mn, yet 38% below the monthly average of LKR 1.5Bn. While supporting the ASPI, the Capital Goods and Banking sectors continued to lead the turnover, jointly accounting for 60%.

JKH and DFCC led the overall turnover while JKH contributed LKR 298.0Mn (32%) and DFCC contributed LKR 123.6Mn (13%).

First Capital Research

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