Consecutive weekly gains for CSE driven by foreign interest

Sri Lanka, Apr 05 (Capital Leads) – The Colombo Stock Exchange (CSE) this week posted the highest weekly gain for the year so far as the market continued to climb for the second consecutive week amid foreign investor interest.

Recording the highest weekly gain since the final week of November 2018, the broad-market All Share Price Index (ASPI) jumped 1.15 percent higher to close at 5,621.36 points, a gain of 64.12 points over the week. Meanwhile, more liquid S&P SL20 Index edged up 3.52 points to reach 2,742.47 points, a gain of 0.13 percent from the previous week.

With 41.7 mn shares trading in total, the weekly turnover crossed LKR 2 bn as off-board trades made up 30 percent of total turnover. The weekly market turnover stood at LKR2.1 bn (USD11.9 mn), extending the YTD average weekly turnover to LKR2.8 bn (USD16.3 mn).

Driven by local selling, John Keells Holdings (JKH) lost 1.28 percent over the week as the stock made the highest weekly contribution of 43 percent to the turnover. Gaining 1.71 percent, Hatton National Bank (HNB) followed up with 18 percent followed by Sampath Bank (SAMP) which, amid local selling, dropped 5.61 percent to make up 11 percent of the week’s turnover.

With 49 percent of contribution, Diversified Holdings spearheaded the sector-wise contribution to the weekly turnover, ahead of the Banks, Finance, and Insurance stocks which collectively made up 40 percent.

After two consecutive weeks of outflow, the market witnessed net foreign inflow this week as overseas investors bought shares worth a net LKR316.5 mn (USD1.8 mn) over the week, narrowing the YTD net foreign outflow to LKR5.7 bn (USD32.9 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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