Home Market Index tumbles as profit taking builds up

Index tumbles as profit taking builds up

  • 20 Sep 2022
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Bourse recorded losses for the third straight session as investors resorted to booking profits after the recent rally predominantly in Banking and Consumer Services counters.





Index slid sharply into red and continued the downtrend throughout the day as investors set on a selling spree and closed at 9,901 losing 124 points. However, gains were witnessed in the Energy sector and Transportation sector backed by retail-favourite LIOC and EXPO, respectively.



Turnover displayed a robust improvement relative to the previous session and recorded at LKR 6.1Bn (+59% cf. monthly average turnover of LKR 3.8Bn) supported by the Transportation sector which solely contributed 46% on the back of foreign buying from EXPO.



EXPO continued to lead foreign buying at LKR 2.3Bn while the total MTD foreign buying of EXPO hit LKR10.5Bn level.





Bonds stay calm ahead of the bill auction



The secondary market yield curve remained broadly static owing to minimal trades and thin volumes occurred during the day.



Meanwhile, during the morning session, 01.07.32 maturity changed hands at 29.30%. However, with the emergence of selling appetite, the said maturity hovered around 29.50% during the latter half of the session. The weekly bill auction with a total offer of LKR 65.0Bn is scheduled to be held tomorrow.



Courtesy: First Capital Research

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