Sri Lanka, May 03 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) edged down for the second straight session today as another trading day with low turnover came to a close amid foreign selling.
The broad market All Share Price Index (ASPI) dropped 20.03 points to stand at 5,438.75 points, a loss of 0.37 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 5.22 points to reach 2,617.95 points, a decline of 0.20 percent from yesterday.
With no off-board transactions, the total number of shares traded stood at 6.7 mn, well below the YTD average daily share volume of 15.1 mn. After recording one of the lowest daily turnover figures yesterday, the market turnover further contracted to LKR111.1 mn (USD0.6 mn) today, second lowest for the year and less than a fifth of the YTD average daily turnover of LKR580.2 mn (USD3.3 mn).
Falling 3.33 percent in value, Vallibel Power Erathna (VPEL) contributed the highest turnover contribution of 13 percent amid foreign interest while Chevron Lubricants (LLUB) and Hemas Holdings (HHL) followed up with 11 percent each as both stocks closed firm despite foreign selling.
Generating 28 percent of the day’s turnover, the sector of Diversified Holdings spearheaded the sectoral contribution to the turnover while Banks, Finance and, Insurance stocks made up 27 percent collectively.
After three consecutive sessions of net foreign buying, the market witnessed net foreign outflow today as overseas investors sold shares worth a net LKR17.7 mn (USD0.1 mn), extending the YTD net foreign outflow to LKR4.4 bn (USD24.7 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.