CSE drops even further in March as foreign outflow slows

Sri Lanka, Apr 19 (Capital Leads) – Losses in the Colombo Stock Exchange (CSE) sharpened in the month of March 2019 despite slowing foreign outflow, according to the latest monthly report published by the Exchange.

The broad market All Share Price Index (ASPI) and S&P SL20 Index fell by 4.45 percent and 8.06 percent respectively from the end of February. Meanwhile, the Price-to-Earnings (PER) ratio of the market for the month dropped even further to 8.7x from 9.1x reported a month ago.

Furthermore, the turnover for March 2019 narrowed by 19.7 percent from February 2019 to reach LKR11.4 bn (USD65.4 mn), as the number of shares transacted declined almost a quarter from the previous month to stand at 267.9 mn shares.

Meanwhile, the cumulative market turnover for the first quarter of the year declined by almost half to reach LKR37.8 bn (USD216.5 mn), from LKR70.4 bn (USD403.7 mn) recorded for the same period last year. The average daily turnover for the period dropped to LKR651.0 mn (USD3.7 mn) from LKR1.2 bn (USD7.0 mn) recorded during the same period last year.

However, the net foreign selling for the month dipped to LKR1.2 bn (USD6.8 mn) compared LKR2.6 bn (USD15.2 mn) of outflow in January 2019, a decline of more than 50 percent. Cumulatively, foreign investors sold shares worth a net LKR6.1 bn (USD35.0 mn), compared to LKR2.6 bn (USD15.1 mn) worth of shares during the same period last year.

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