Banking stocks lead CSE lower

Sri Lanka, Jan 21 (Capital Leads) – The benchmark index of the Colombo Stock Exchange (CSE) fell for the second consecutive session today as banking stocks declined sharply amid moderate foreign outflows.

The broad market All Share Price Index (ASPI) dipped 29.60 points to close the session at 5,958.47 points, 0.49 percent lower than the previous session, while more liquid S&P SL20 Index, shed 11.53 points, to reach 3,054.76 points, 0.38 percent lower than Friday.

Backed by two crossings where 0.5 mn shares of John Keells Holdings (JKH) traded at LKR154.5 per share, the off-board transactions made up 9.7 percent of the day’s turnover which at LKR793.3 mn (USD4.4 mn) was 20 percent higher than that recorded in the previous session.

JKH dominated the turnover generation with 59 percent contribution followed by 20 percent from Hemas Holdings (HHL) which slumped 1.8 percent at day’s close driven by foreign selling.

In terms of sector-wise performance, the Diversified Holdings made up nearly 80 of turnover today while Banks, Finance and Insurance stocks, declining 0.4 percent during the session, contributed 14 percent.

Day’s net foreign selling narrowed to LKR47.0 mn (USD0.3 mn), well below the YTD average daily net foreign outflow of LKR184.5 mn (USD1.0 mn) as foreign buying was witnessed in JKH and HNB Assurance (HASU).

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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