Index surges as banking, diversified financials sectors drive market rebounds

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 March 20, 2023.

Meanwhile, market turnover remains subdued, hitting a 12-day low of LKR 1.5 Bn (-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.

HNB and LIOC led overall turnover while HNB contributed LKR 213.7 Mn (15%), and LIOC contributed LKR 106.4 Mn (7%).

Meanwhile, SCAP dominated the market volume with 6.0Mn shares (11%) while SEMB recorded the second largest volume of 4.2 Mn shares (8%). Overall volume significantly decreased compared to the previous session and recorded at 52 Mn.

Foreign investors remained net buyers amidst moderate participation and recorded a net foreign inflow of LKR 139.2 Mn.

Courtesy First Capital Research

 

by Daily News Sri Lanka

, Business, ,

Post a Comment

Previous Post Next Post