Sri Lanka shares traded down at Wednesday’s close, but analysts said selling pressure was waning with investors looking to pick up better-priced stocks.
Turnover was at 822 million.
The All Share Price Index was down 0.85 per cent or 90.17 points to 10,557.16, while the S&P SL20 was down 0.81 per cent or 24.01 points to 2,949.11.
“Market was a bit slow, but we feel that the investors are gradually entering into an accumulation phase where the selling pressure is very slowly easing off,” an analyst said.
“We’re seeing a bit of buying interest coming in although at lower prices. Not a large amount of selling pressure is present which is the primary reason that we have buying at lower prices but there’s not much of selling at current levels which is the primary reason for the turnover to be low.”
“There was a 92 million crossing that has gone through today in Ceylon Theatres which boosted turnover.
If you take that out, there’s absolutely nothing in terms of turnover.” Details of the trade were not known.
Sri Lanka’s bourse has seen weeks of uncertainty due to a delay in an IMF inflow, and the upcoming budget, and now compounded by fears of yet another global war.
Source: Economynext
