Bourse edged up after four days of being in the red zone as investor confidence slightly improved over the expectation of an economic recovery from 2H2023, as stated by the CBSL in the policy report for 2023.
It is also noted that inflation is expected to gradually decelerate in the 1H2023 and is likely to reach the desired level towards the end of 2023. Accordingly, the index moved up reaching an intraday high of 8,410 during the mid-day, supported by Treasury counters as investors expect interest rates to moderate in the near future. Although investor activities slowed down during the second half of the session, the market managed to close the day on a positive note at 8,381, gaining 13 points.
Turnover skid to LKR 1.3Bn remaining below 39% cf. monthly average turnover of LKR 2.2Bn amidst the low investor participation. Meanwhile, the Insurance sector (mainly SCAP and AAIC) continued to lead the turnover since the beginning of the month and contributed 39% to the overall turnover.
SCAP and AAIC continued to dominate the overall turnover with SCAP contributing LKR 353.7Mn (27%), while AAIC contributed LKR 146.9Mn (11%). Meanwhile, SCAP continued to record the largest volume of 21.6Mn shares (30%) followed by LOFC, which recorded a volume of 6 Mn (8%). Meanwhile, volume slightly dipped compared to the previous session and recorded at 72.1Mn.
Top gainers for the day were SEMB (+13%), MHDL (+12%), UML (+11%), AHPL (+11%) and SINI (+11%). Meanwhile, top losers for the day were SIL (-14%), LGL (-11%), MBSL (-9%), UAL (-9%) and HNBF.X (-9%). Foreign investors turned net sellers for the fourth straight day while continuing to display low participation and recorded a net foreign outflow of LKR 12.1Mn. Accordingly, BOPL, KAHA and EXPO were the top three shares to lead foreign inflow while LOFC, SCAP and AAIC were the three counters recording the largest foreign outflow. Courtesy First Capital Research
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