CSE ends nearly two-week long losing streak

Sri Lanka, Mar 01 (Capital Leads) – The Colombo Stock Exchange (CSE) posting the second highest market turnover for the year managed to break the eight consecutive sessions of losses today. Meanwhile, with over half-a-billion LKR of net foreign inflow, the net foreign buying of the stocks improved to the highest for the year so far.

The broad market All Share Price Index (ASPI) gained 16.31 points to close 0.28 percent higher from yesterday to reach 5,816.29 points while more liquid S&P SL20 index edged up 6.56 points to stand at 2,978.91 points, 0.22 percent higher than the previous session.

Amid seventeen crossings led by Sampath Bank (SAMP), Dialog Axiata (DIAL) and John Keells Holdings (JKH), the off-board transactions comprising 41.7 mn shares accounted for 45 percent of the day’s turnover. Meanwhile, 61.0 mn shares traded in total today as the turnover improved to LKR2.1 bn (USD11.8 mn), its second highest for the year and more than three times the YTD average daily turnover of LKR675.7 mn (USD3.8 mn). 

With 44 percent of contribution to the turnover, JKH led the day’s turnover generation gaining 0.95 percent amid sizable foreign buying. Meanwhile, Dialog Axiata (DIAL) jumped 2.11 percent driven by local buying as the stock made up 8 percent of the day’s turnover today.

Furthermore, the sector of Diversified Holdings spearheaded the sectoral contribution to the turnover with 51 percent ahead of 24 percent from the Banks, Finance and Insurance stocks.

Driven by foreign buying in JKH and SAMP, the market posted the highest net foreign inflow for the year so far as overseas investors bought shares worth a net LKR538.9 mn (USD3.0 mn), contracting the YTD foreign outflow to LKR4.9 bn (USD27.2 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.

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