Down 13 percent Ceylinco drags overall market down

Sri Lanka, May 10 (Capital Leads) – Amid low turnover, the Colombo Stock Exchange (CSE) dipped for another session today driven by Ceylinco Insurance (CINS) which lost nearly 13 percent during the day.

The broad market All Share Price Index (ASPI) dropped 24.52 points to stand at 5,327.68 points, a loss of 0.46 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 16.74 points to reach 2,519.08 points, a decline of 0.66 percent from yesterday.

With no off-board transactions, the total number of shares traded stood at 10.6 mn, well below the YTD average daily share volume of 14.9 mn. The market turnover contracted to LKR152.8 mn (USD0.9 mn) today, less than a third of the YTD average daily turnover of LKR562.1 mn (USD3.2 mn). 

John Keells Holdings (JKH) dominated the turnover generation with a contribution of 22 percent as the stock edged 0.07 percent higher amid by local buying. The Commercial Bank (COMB) despite local selling followed up with 11 percent of contribution to remain steady while Ceylinco Insurance (CINS) dropped 12.88 percent despite generating only 5 percent of the day’s turnover.

Generating 32 percent of the turnover, the sector of Banks, Finance and, Insurance spearheaded the sectoral contribution while Diversified Holdings made up 29 percent collectively.

The market witnessed net foreign buying for the third consecutive session today as overseas investors bought shares worth a net LKR19.8 mn (USD0.1 mn), narrowing the YTD net foreign outflow to LKR4.4 bn (USD25.0 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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