CSE ends losing streak amid local buying in JKH

Sri Lanka, Mar 28 (Capital Leads) – Posting the highest gain in over four months driven by local investor interest in John Keells Holdings (JKH), the stocks of the Colombo Stock Exchange (CSE) climbed today after eight consecutive sessions of losses.

The broad market All Share Price Index (ASPI) edged 44.51 points higher to stand at 5,556.28 points with a gain of 0.81 percent from the previous session, the highest since November 09, 2018. Meanwhile, more liquid S&P SL20 gained 34.62 points to reach 2,736.49 points, an increase of 1.28 percent.

Melstacorp contributed the only crossing for the day as off-market negotiated transactions made up 25 percent of total turnover. With 13.7 mn shares trading in total, the market turnover reached LKR457.8 mn (USD2.6 mn), more than two-thirds of the YTD average daily turnover of LKR656.6 mn (USD3.7 mn).

Driven by local investor interest, John Keells Holdings (JKH) climbed 3.45 percent in value today as the stock made up 38 percent of total turnover. Meanwhile, Melstacorp (MELS), with 3.1 mn shares changing hands off-board at LKR36.0 apiece, contributed 29 percent of the day’s turnover as the stock dipped 2.16 percent in value amid foreign selling.  

Furthermore, the sector of Diversified Holdings spearheaded the sectoral contribution to the turnover with 68 percent ahead of 19 percent from Banks, Finance and Insurance stocks.

John Keells Holdings (JKH), Melstacorp (MELS) and Commercial Bank (COM) all witnessed foreign outflow today as the day’s net foreign selling reached 46.8 mn (USD0.3 mn), extending the YTD net foreign outflow to LKR6.2 bn (USD35.0 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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