Turnover at 8-month high

The Broad Market experienced another day of bullish momentum, driven by rising investor optimism, leading to a decline in risk premiums, and heightened participation from both retail and HNW investors.

The recently released 3Q2024 results of PABC and SEYB have bolstered positive sentiment towards the Banking sector, as investors continue to maintain their bullish outlook on Banking sector stocks. Accordingly, the ASPI closed the day at 12,771 gaining 25 points with MELS, NDB, CFIN, HAYL and TKYO emerging as the top positive contributors to the index.

Meanwhile, amidst multiple crossings, turnover experienced a 76.6% increase from yesterday and stood at LKR 7Bn, marking over a 100% increase monthly average standing at LKR 2.5Bn. Out of 15 off-board transactions, notable trades were recorded in HARI and SWAD, trading 13.9% and 10.7% stakes at LKR 4,040.5/share and LKR 15,003.5/share respectively.

The Banking sector led turnover by 34%, followed by the Food, Beverage & Tobacco and Capital Goods sectors jointly contributing 39% of the overall turnover. Foreign investors turned net sellers, with a net outflow of LKR 111.5Mn.

(First Capital Research)

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