Back-to-back losses in CSE as foreigners offload JKH

Sri Lanka, Apr 08 (Capital Leads) – The Colombo Stock Exchange fell for the second consecutive session today as John Keells Holdings, driven by foreign selling, dropped nearly two percent.

The broad market All Share Price Index (ASPI) lost 25.90 points to stand at 5,595.46 points, a decline 0.46 percent from the previous session. Meanwhile, more liquid S&P SL20 Index, with a decrease of 0.78 percent, edged down 21.39 points to reach 2,721.08 points.

Trading 6.5 mn shares off-board at LKR36.8 apiece, Melstacorp (MELS) witnessed the only off-board transaction today as the total number of shares traded in the market reached 23.6 mn. The daily market turnover meanwhile expanded more than three times from the previous session to stand at LKR690.4 mn (USD4.0 mn), slightly above the YTD average daily turnover of LKR633.2 mn (USD3.6 mn). 

Falling 5.81 percent in value, Chevron Lubricants (LLUB) made up 38 percent of the day’s turnover followed by 35 percent from Melstacorp (MELS) which edged up 2.89 percent. John Keells Holdings (JKH) meanwhile dropped 1.95 percent driven by foreign selling as the stock contributed 14 percent to the day’s turnover.

Generating 49 percent to the daily market turnover, the sector of Diversified Holdings led the sectoral contribution ahead of 38 percent from the Manufacturing sector.

Net foreign selling increased nearly five times from the previous session as overseas investors sold shares worth a net LKR34.3 mn (USD0.2 mn), extending the YTD net foreign outflow to LKR5.8 mn (USD33.1 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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