Back-to-back losses in CSE as JKH lifts turnover

Sri Lanka, May 28 (Capital Leads) – The Colombo Stock Exchange (CSE) witnessed the second consecutive session of losses on Monday as John Keells Holdings (JKH) dominated the turnover generation amid local selling.

The broad market All Share Price Index (ASPI) dropped 3.62 points to stand at 5,291.49 points, a loss of 0.07 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 4.85 points to reach 2,459.32 points, a decline of 0.20 percent from yesterday.

John Keells Holdings (JKH) witnessed the only off-board transactions accounting for 62 percent of the day’s turnover while a total of 9.7mn of shares changed hands among investors during the session. The market turnover meanwhile improved to LKR444.6 mn (USD2.5 mn), just over 80 percent of the YTD average daily turnover of LKR548.6 mn (USD3.1 mn). 

Falling 0.36 percent in value, John Keells Holdings (JKH) led the turnover generation with 83 percent of contribution driven by local selling and mixed buying as 2.0 mn shares of the stock traded off-board at LKR137.0 per share. Diversified Holdings meanwhile spearheaded the sectoral contribution with 86 percent of proportion followed by 7 percent from Banks, Finance and Insurance.  

After seven consecutive sessions of net foreign selling, the market witnessed net foreign buying today as overseas investors bought shares worth a net LKR183.1 mn (USD1.0 mn), narrowing the YTD net foreign outflow to LKR5.7 bn (USD32.4 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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