Sri Lanka, Apr 13 (Capital Leads) – After two consecutive weeks of gains, both indices of the Colombo Stock Exchange (CSE) dropped this week as the market prepared for extended holidays due to Traditional New Year celebrations over the weekend.
The broad market All Share Price Index (ASPI) fell 36.06 points, 0.64 percent lower than the previous week to reach 5,585.30 points by Friday while the more liquid S&P SL20 Index, with a weekly decline of 1.06 percent, edged down 29.16 points to reach 2,713.31 level. With only half day of trading conducted on Friday, the market will be closed on Monday as the country celebrates Traditional Sinhala and Tamil New Year during the weekend.
The turnover dropped 16 percent from the week before to reach LKR1.7 bn (USD10.0 mn), as the market witnessed only four and half days of trading where off-board trading made up 23 percent of weekly turnover. The YTD market turnover however expanded to LKR41.6 bn (USD238.2 mn), while the total number of shares traded for the week stood at 94.2 mn.
Driven by foreign selling, Dialog Axiata (DIAL) and John Keells Holdings (JKH) topped the weekly turnover generation with 21 percent and 17 percent of turnover contribution respectively as the former slumped 4.21 percent while the latter shed 0.65 percent. Meanwhile, Melstacorp despite losing 1.57 percent in value over the week enticed foreign investor interest to contribute 15 percent of the week’s turnover.
Furthermore, the Diversified Holdings spearheaded the sector-wise contribution to the turnover with 33 percent, ahead of the sector of Telecommunications which made up 21 percent.
The market witnessed net foreign outflow this week as foreigners sold shares worth a net LKR281.2 mn (USD1.6 mn), extending the YTD net foreign selling to LKR6.1 bn (USD34.7 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.