Colombo Stock Exchange reverted to green following the previous day loss as investor interest gradually developed on banking and treasury counters after IMF Executive Director, Dr. Subramanian notified the PM yesterday that almost all of the requirements for an IMF relief package are completed and the process will be finalized soon.
Index moved on a downtrend since market opening but however improved gradually as investor interest on index heavy weights picked up.
Eventually ASPI recouped losses of the previous session, led by the contribution from heavy weights and banking sector counters and closed marginally higher at 8,959 gaining 32 points.
Meanwhile, market turnover was recorded at a healthy level of LKR 1.9Bn (+8% cf. monthly average turnover of LKR 1.8Bn) led by the Energy sector (22%) and Insurance sector (19%).
Limited market activity ahead of the bond auction
Secondary market showcased limited activities during today’s session as investors awaited for the bond auction, which is scheduled to take place on Monday for LKR 70.0Bn. Meanwhile, IMF executive director Dr. Subramanian notified the PM yesterday that almost all the requirements for an IMF relief package is completed and the process will be finalized soon.
Courtesy: First Capital Research
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