Investors on the sidelines ahead of the IMF deal

The All Share Price Index (ASPI) of the Colombo Stock Exchange reached an intraday high of 9,758 and closed the day at 9,700 gaining 30 points with high retail participation, according to First Capital Research.

The market remained volatile during the day and showcased lackluster sentiment with investors mostly on the sidelines ahead of the IMF discussion today. COMB and AEL remained the top contributors to the index during the morning session as the board approval of the IMF program would unlock additional financing from multilateral agencies and resume the halted construction projects.

Meanwhile, LOLC group and its subsidiaries including BIL and LOFC witnessed renewed investor interests towards the end of the day and were the biggest contributors to the ASPI gain. Market turnover was recorded at a moderate level of Rs.1.8 billion (-6% cf. monthly average turnover of LKR 2.0Bn) contributed by the Capital Goods sector (36%) and Food, Beverage & Tobacco sector (19%).