Bourse closed in green after two days of losses as the banking and diversified financial counters regained upward momentum, with retail investor participation observed on undervalued index heavy weights.
Index rallied with a substantial gain reaching an intraday high of 9,597 and closed the day at 9,551 gaining 60 points. The market witnessed a recovery as investor buying sentiment improved with the expectation on the IMF board level agreement to be inked on Mar 20, 2023.
Meanwhile, market turnover remained subdued, hitting a 12-day low of LKR 1.5Bn (-27% cf. monthly average turnover of LKR 2.0Bn) dominated by the Capital Goods sector (26%), Banking sector (19%), and Materials sector (13%) led by heavy foreign interest on HAYL, which contributed 6% to the overall turnover.
Standstill mode instilled amidst primary market auctions
Investors resorted to the sidelines following the sharp dip in weighted average yields at yesterday’s Primary market bond auction while waiting for the outcome of tomorrow’s weekly T-Bill auction where LKR 120.0Bn is expected to be raised.
In the midst of lackluster activities selling pressure was witnessed from institutional participants with 01.05.2027 and 15.09.2027 trading within a range of 28.00%-28.65% while volumes remained low.
Courtesy: First Capital Research
Subscribe to our newsletter to get notification about new updates, information, etc..
