Profit taking on banks drags ASPI down

After two consecutive sessions of gains, the broad market experienced sideways movement as investors booked profits primarily in the Banking sector counters.

The ASPI closed the session in red at 12,246, losing 48 points. Despite this, investors maintained a positive sentiment towards the Plantation andApparel sector counters, with a surge of interest in HELA and MGT emerging in the market. CTHR, HNB, COMB, SAMP, and NDB emerged as the top negative contributors to the index.

In contrast to previous sessions, the market saw a decrease in participation from HNW investors, while retail investors remained actively engaged.

Accordingly, turnover stood at LKR 1.5Bn, marking a 30.5% decrease from the monthly average standing at LKR 2.1Bn. Furthermore, 24% of the overall turnover was contributed by the Food, Beverage, and Tobacco sector whilst 37% of the turnover was jointly contributed by the Capital Goods and Consumer Durables sectors. Notably, foreign investors remained net buyers for the fourth consecutive session with a net foreign inflow of LKR 153.6Mn on the back of strong foreign buying interest on JKH with a foreign inflow of LKR 128Mn.