CSE ends in the red after back-to-back sessions of over LKR1bn turnover

Sri Lanka, Oct 17 (Capital Leads) – The Colombo Stock Exchange (CSE) ended two sessions of over LKR1bn turnover today as shares tumbled amid marginal contribution from off-board transactions and lacklustre foreign investor interest.

ASPI declines 0.33 percent: The broad market All Share Price Index (ASPI) pared gains it made yesterday as it shed 19.27 points to close the day at 5,776.75 points, 0.33 percent weaker from yesterday.

Meanwhile, S&P SL20 Index, where the largest and most liquid stocks are included, lost 18.45 points to stand at 2,917.45 points, 0.63 percent lower than yesterday.

Turnover slumps amid fewer crossings: The daily market turnover reached LKR448.3 mn (USD2.6 mn), well-below the year-to-date average daily turnover of LKR773.9 mn (USD4.5 mn) and nearly one third of LKR1.6 bn (USD9.3 mn) of turnover the market posted yesterday.

Meanwhile, 10.1 mn of shares changed hands, a decline of nearly two third from yesterday, as off-market negotiated transactions, composed of two crossings from Melstacorp (MELS) and Commercial Bank (COMB), contributed only 29 percent to the market turnover, compared to 75 percent of the previous session.

Net foreign outflow contracts as turnover slumps: Extending the year-to-date net foreign outflow to LKR9.3 bn (USD54.3 mn), overseas investors offloaded shares worth a net LKR110.4 mn (USD0.7 mn), nearly 80 percent of decline from the previous session.

COMB and MELS leads turnover generation: Both COMB and MELS spearheaded the turnover generation, each contributing 22 percent, backed by two crossings where the former traded 1.9 mn of shares at LKR50.5 per share and the latter 0.3 mn shares at LKR110.0 per share.

Banks, finance and insurance sector made the highest sector-wise contribution to the turnover with 45 percent, followed by diversified holdings which made up 41 percent.

Furthermore, Adam Capital and The Finance Company (non-voting) were two of the highest gainers in the market today while, Vidulanka and Panasian Power were among the most actively traded counters of the day.

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