Sri Lanka, Feb 27 (Capital Leads) – For the first time in three sessions, both indices of the Colombo Stock Exchange (CSE) declined today as net foreign selling returned to the market driven by foreign selling in Dialog Axiata (DIAL).
The broad market All Share Price Index (ASPI) lost 22.29 points to close, 0.38 percent lower than yesterday at 5,799.98 points, while more liquid S&P SL20 Index dropped 8.11 points, to reach 2,972.35 points, a decline of 0.27 percent from yesterday.
Driven by off-board trading of 2.2 mn shares of Tokyo Cement – non-voting (TKYO.X) at LKR20.0 apiece, the negotiated transactions made up 15 percent of total turnover today. Meanwhile, the total number of shares traded stood at 13.4 mn as the daily market turnover improved to LKR300.3 mn (USD1.7 mn), less than a half of YTD average daily turnover of LKR637.8 mn (USD3.6 mn).
With 19 percent of contribution to the total turnover, Dialog Axiata (DIAL) led the turnover generation as the stock dipped 1.04 percent during the day amid foreign selling. Asian Hotels & Properties (AHPL) and Tokyo Cement – non-voting (TKYO.X) followed up with 15 percent each with the value of former closing firm while the latter slipping 4.31 percent.
Furthermore, the sector of Banks, Finance and Insurance led the sectoral contribution to the turnover with 23 percent ahead of 19 percent from the Telecommunications sector.
Amid foreign selling in Dialog Axiata (DIAL) and Sampath Bank (SAMP), the market returned to net foreign outflow today as overseas investors sold shares worth a net LKR76.8 mn (USD0.4 mn), extending the YTD net foreign outflow to LKR5.4 bn (USD30.2 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.