After three weeks of net inflows CSE posts net foreign selling

Sri Lanka, May 11 (Capital Leads) – After three consecutive weeks of net foreign buying, the Colombo Stock Exchange (CSE) witnessed net foreign outflow this week amid foreign selling in Hemas Holdings (HHL) as weekly turnover in the market more than doubled from the previous week.

The broad market All Share Price Index (ASPI) fell 111.07 points, 2.04 percent lower than the previous week to reach 5,327.68 points by Friday, its lowest level in nearly six-and-half years. More liquid S&P SL20 Index meanwhile with a weekly decline of 3.78 percent, edged down 98.87 points to reach 2,519.08 level.

Dominated by onboard transactions which made up nearly 93 percent of turnover, the weekly turnover more than doubled from the week before to reach LKR1.4 bn (USD7.9 mn).  The YTD market turnover however expanded to LKR47.2 bn (USD268.8 mn) while 61.0 mn shares changed hands in total during the week.

John Keells Holdings (JKH) with a weekly decline of 5.45 percent in value generated the highest weekly turnover contribution of 25 percent as the stock witnessed local selling and mixed buying. Sampath Bank (SAMP) contributing 14 percent of the week’s turnover dropped 5.43 percent amid mixed selling and local buying.

Furthermore, the Diversified Holdings spearheaded the sector-wise contribution to the turnover with 37 percent, ahead of the sector of Banks, Finance and, Insurance which collectively made up 30 percent.

Driven by foreign selling in Hemas Holdings (HHL), the market after three consecutive sessions of net foreign buying witnessed net foreign outflow this week as foreigners sold shares worth a net LKR21.4 mn (USD0.1 mn), extending the YTD net foreign selling to LKR4.4 bn (USD25.2 mn).

Disclosure: I/We have no investments in the stocks mentioned in the above article and don’t intend to open any within the next 72 hours. I wrote this article for myself, and it expresses my opinion. I/We receive no compensation, nor do I/We have any business relationship with any companies whose stocks are mentioned in the article.

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