Bourse closed in the red territory for the third straight session as investors chose to stay sidelined speculating on upcoming developments, typically concerning the impending budget proposals aimed at hiking taxes.
Index plunged steeply upon opening, hitting an intraday low of 8,285 while a gradual recovery was witnessed mid-session. However, with investors booking profits in selected counters, index edged down failing to recoup losses before closing for the day at 8,320 losing 51 points.
Turnover of LKR 1.6Bn was below YTD average while Food, Beverage and Tobacco sector and Transportation sector amalgamated to a joint contribution of 59%. Foreign investors remained net sellers while recording low participation
Slight buying spree on short tenor
Following the outcome of the bill auction, the secondary bond market yield curve remained broadly unchanged. With the slight buying interest, 3M T-Bill traded at 22.00% while displaying moderate volumes.
Courtesy: First Capital Research
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