ECONOMYNEXT- Sri Lanka’s shares edged up on Wednesday pushed as investors bought in to beaten down shares following the previous session’s drop, market analyst said.“
At this price level what we are seeing is a lot of confidence from the investors to collect when the prices drop. So, the market is not falling sharply,” a market analyst said.
Market had also seen buying in Expolanka shares on speculation that the parent company of SG Holdings was buying back into the shares.
All Share Price Index (ASPI) edged up by 0.96 percent or 84.96 points to 8,950.01.
The most liquid index S&P SL20 gained 1.27 percent or 35.02 points to 2,799.53.
Banking and Insurance counters had seen interest on the back of positive sentiments from the IMF.
The central bank has said it could cut interest rates in future when the the country sees fall in inflation, which has already started decelerating.
The market saw a turnover of 1.5 billion rupees today,lower than the month’s daily average of 1.8 billion rupees and nearly half of 2022 average turnover of 2.9 billion rupees.
The bourse saw a flow of net foreign inflow of 45 million rupees extending the net offshore buying to 1.9 billion so far this year.
Top gainers of the day were Commercial Bank, Expolanka, and Ceylinco Insurance. (Colombo/Feb01/2023)