Sri Lanka, Mar 11 (Capital Leads) – The Colombo Stock Exchange (CSE) fell sharply today amid modest turnover as net foreign buying continued for the second consecutive session.
The broad market All Share Price Index (ASPI), losing 41.95 points reached 5,680.30 points, 0.73 percent lower than the previous session. Meanwhile, the more liquid S&P SL20 Index edged down 41.27 points to stand at 2,818.32 points, a decline of 1.44 percent.
Commercial Bank (COM) and Asian Hotels & Properties (AHPL) constituted the two crossings witnessed today as off-board trades made up 45 percent of total turnover. With 11.3 mn shares changing hands, the day’s turnover stood at LKR401.0 mn (USD2.2 mn), well-short of YTD average daily market turnover of LKR695.2 mn (USD3.9 mn).
Commercial Bank (COMB), declining 1.37 percent in value amid foreign selling, led the turnover generation with a contribution of 42 percent. John Keells Holdings (JKH) followed up with 12 percent as the stock, declining only 0.06 percent in value, remained steady during the day.
Furthermore, the Banks, Finance and Insurance stocks spearheaded the sector-wise contribution to the turnover with 58 percent followed by Diversified Holdings which made up 13 percent.
Net foreign inflow continued for the second straight session as foreign inflows advanced outflows by LKR6.1 mn (USD34 k) with YTD net foreign selling reaching LKR5.9 mn (USD33.2 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.