Broad market skid down to red after 4-days on the back of increase in custom duties and excise duties on fuel and liquor, respectively. As a result, negative sentiment weighed on LIOC which dragged the index down as investors speculated margin pressure on the company amidst the spike in custom duty on petrol to LKR 52.0 per litre from LKR 27 per litre.
Accordingly, index pulled down and traded in the red zone throughout the session and closed the day at 8,464, losing 48 points. Despite profit taking on overall market, Treasury and Softlogic counters continued to display active collection during the day. Turnover fell to LKR 2.3Bn compared to the previous session (-4% cf. monthly average turnover of LKR 2.3Bn) while Insurance sector continued to lead the market turnover with a contribution of 28%, followed by Energy sector (26%).
Meanwhile, off-board transactions accounted for 20% of the market turnover with 10 crossings recorded in LIOC (LKR 360.5 Mn) and 2 crossings from AGST.N (LKR 100.0Mn) with a stake change of 1.3% (6.3Mn shares at LKR 16.0).
First Capital Research
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