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Hartal campaigns flounder the stock market

  • 06 May 2022
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 Bourse dived into the red with a heavy loss as all island hartal campaigns stirred a selling pressure and restricted retail participation to a low level.

As soon as the market opened, index tailed off and continued to inch down with subtle volatility as investors resorted to booking profits mainly in retail favourite counters before closing for the day at 7,427 losing 140 points.

Negative sentiment was persistent in the market, although last quarter earnings of certain counters which released so far found to be at satisfactory levels.

Turnover continued to be at a poor level of LKR 973.9Mn despite slight improvement compared to yesterday’s session while it was led by a joint contribution of 53% from the Transportation sector and Capital goods sector. Foreign investors remained net buyers while recording high participation.

Bonds wrap the week on a flat note

The secondary market yield curve remained broadly unchanged while the overall market witnessed limited activities. During the day, 03M T-Bill traded at 21.00% while 15.01.26 and 01.05.26 maturities changed hands at 21.50% and 22.05%, respectively.

Courtesy: First Capital Research

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