Bourse rallied for the second straight day after the government secured foreign exchange to pay for fuel and cooking gas shipments that is likely to temporarily address the current supply shortages in the country.
Index spiked by over 150 points in to the first few minutes of the session and continued to trade positively as investors got more clarity from the new budget proposal which includes privatization of loss-making entities, restructuring of tax collection, etc.
Therefore, bulls managed to dominate the session and closed the day at 8,474, gaining 209 points. Despite being bullish, turnover was recorded at LKR 2.7Bn compared to the average YTD turnover of LKR 4.3Bn.
Similar to the previous week, Transportation sector dominates the turnover with a contribution of 38% while Food, Beverage & Tobacco sector contributed 20%. Foreign investors remained net sellers while recording low participation.
Meanwhile bond yields remained flat amidst dull market sentiment. The secondary market yield curve remained broadly unchanged while the overall market activities continued to display a dull sentiment. During the day, 01.06.25 maturity changed hands at 22.60% yet recording thin volumes.
Courtesy: First Capital Research
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