Colombo stock market closed flat with the index closing in the green territory for the 9th straight day amidst a marginal gain. Investor participation was registered at a moderate level while some investors took the sidelines following the third reading of the budget.
As the market commenced, index scaled high and set off to an intra-day high of 9,025 as investors picked up on diversified counters such as JKH, HAYL and retail counters.
However, by mid-session ASPI tapered down steeply with profit booking witnessed on LOLC Group counters and EXPO but managed to remain in the green with a narrow gain of 10 points closing at 8,892.
Market turnover dipped 23% below previous session’s turnover and recorded at LKR 2.4Bn (+27% cf. monthly average turnover of LKR 1.9Bn) with a joint contribution of 46% stemming from the Food, Beverage and Tobacco (26%) and Capital Goods (21%) sectors.
Bond market dried-up over limited participation
As the weekly T-Bill auction yields (3M and 6M) remained unchanged, the secondary bond market activities exhibited a dull note as the market participants opted to be on the sidelines waiting for a clear direction on the interest rates.
Moreover, CBSL announced an issue of LKR 160.0Bn T-Bonds through an auction scheduled to take place on 13th Dec 2022 where LKR 40.0Bn, LKR 50.0Bn and LKR 70.0Bn are to be issued under 01.05.24, 15.01.25 and 15.05.26 maturities, respectively.
Courtesy: First Capital Research
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