Stock market thrives consecutively over recent political developments

Colombo bourse recorded gains for the second straight session with faint improvement in investor sentiment over recent political developments in the country with the affirmed resignation of President Gotabaya Rajapaksa, First Capital Research said.

Driven by active retail participation, the market turnover improved recorded at Rs. 1.1 bullion with a 42.6% improvement relative to the weekly average of Rs.. 777.4million. As the market opened, ASPI surged hitting an intraday high of 7,464. Subsequently, the index moved on a downward trend with profit-taking visible on selected stocks but managed to hold in the green before closing for the day at 7,366 gaining 64 points. Turnover was led by a joint contribution of 53% from the Transportation sector and Food, Beverage & Tobacco sector. However, foreign investors turned into net sellers with low participation.

Expolanka, Browns Investments, Lanka IOC, LOLC Finance, and Nestle were among the top five contributors to the market turnover today.