Sri Lanka, Sep 28 (Insights Equity) – The Colombo Stock Exchange edged down today for the second consecutive session as net foreign outflow continued for the eighth straight session with overseas investors pulling out of their holding in John Keells Holdings (JKH) and Distilleries Company (DIST).
ASPI down 0.12 percent: The broad market All Share Price Index fell 7.13 points, 0.12 percent weaker than the previous session, to stand at 5,862.18 points, while S&P SL20 Index, where the largest and most liquid stocks are included, dropped 7.31 points to close the session at 3,002.00 points, 0.24 percent lower than yesterday.
Market turnover improves by more than 50 percent from yesterday: With 15.25 mn shares changing hands, the daily turnover improved by 51 percent from yesterday to reach LKR633.1 mn (USD3.8 mn), slightly below the year-to-date average daily turnover of LKR787.6 (USD4.7 mn), as 16 percent of the day’s turnover was made up of off-market negotiated trades.
Net foreign outflow continues for the eight straight session: Expanding the year-to-date net foreign outflow to LKR6.1 bn (USD36.4 mn), today’s net foreign selling amounted to LKR58.1 mn (USD0.3 mn) as overseas investors pared their exposure to JKH and DIST stocks.
JKH spearheads the turnover with 69 percent: Despite a drop in value by 0.5 percent, JKH led the day’s turnover generation with a contribution of 69 percent as the stock witnessed two crossings where 0.8 mn of its shares traded at LKR131.5 –LKR130.5.
Meanwhile, Softlogic Holdings made up 3 percent gaining 8.4 percent in value led by foreign buying and the other top three contributors to the turnover, Sampath Bank, AIA Insurance and Distilleries Company collectively made up 7 percent.
Furthermore, Adam Investments and SMB Leasing (non-voting) were the highest gainers in the market today while National Development Bank and Asia Siyaka Commodities were among the most actively traded counters for the day.