Sri Lanka, Sep 18 (Insights Equity) – Sri Lankan shares lost nearly sixty points today to record the lowest close in more than two years as banking, finance and insurance sector along with diversified sector dropped more than one percent in value.
ASPI records the lowest close in two-and-half years: The All Share Price Index posted the second sharpest fall this year as it declined more than 57 points to close the session at 5,971.21 points, nearly one percent weaker than the previous session, to record its lowest close since March 15, 2016.
Meanwhile, more liquid S&P SL20 fell 1.85 percent to stand at 3,072.32 points, nearly 58 points lower than yesterday.
On-board activity lifts the turnover: Despite four crossings recorded during the day, on-board investor participation made up 76 percent of the overall turnover which doubled from yesterday to stand at LKR881.2 mn (USD5.3 mn), slightly higher than the year-to-date average daily turnover of LKR797.3 (USD4.8 mn).
Year-to-date net foreign outflow hovers above LKR5 bn: Year-to-date net foreign outflow expanded to LKR5.2 bn (USD31.3 mn) as foreigners were net-sellers during the day, offloading stocks worth a net LKR200.7 mn (USD1.2 mn).
JKH spearheads turnover generation: JKH lost more than 2 percent in value driven by heavy foreign selling as the stock made up 38 of the daily turnover, while Sampath Bank, losing nearly 4 percent, contributed 15 percent.
However, banks, finance and insurance sector which declined 1.64 percent, led the sectoral turnover generation with over 49 percent of contribution, while diversified sector stocks made up 40 percent, losing 1.3 percent in value during the day.
Moreover, Blue Diamond Jewellery and Amana Life were amongst the highest gainers in the market while LOLC Finance and Seylan Bank were two of the most actively traded counters for the day.