CSE extends losses driven by foreign selling in market heavyweights

Sri Lanka, Sep 20 (Insights Equity) –Sri Lankan shares slumped to a new record low today amid sharp losses in blue chip stocks as market heavy weights John Keells Holdings (JKH) and Dialog Axiata witnessed significant foreign selling.

ASPI records the lowest close in over two and half years: Posting its lowest close since March 09, 2016, the All Share Price Index (ASPI) fell by 52.54 points, its third sharpest daily loss for the year and the second time to lose more than 50 points over the week, to end the session at 5,922.21, 0.88 percent weaker than yesterday.

Meanwhile, S&P SL20 index where the largest and most liquid stocks are included, lost 46.59 points to stand at 3,030.77 points, 1.51 percent weaker than yesterday.

With no crossings, turnover reaches LKR0.5 bn: With no off-market negotiated trades, only 12.1 mn shares changed hands as market turnover reached LKR547.6 mn (USD3.3 mn), while the average year-to-date daily turnover contracted to LKR795.1 mn (USD4.8 mn).

Foreign selling in market heavy weights leads to net foreign outflow: Led by foreign selling in JKH, Sampath Bank (SAMP), Nestle and Dialog Axiata, net foreign outflow continued for the third straight session as foreigners sold stocks worth a net LKR137.0 mn (USD0.8 mn), extending the year-to-date net foreign outflow to LKR5.5 bn (USD33.0 mn).

JKH spearheads the turnover as the stock falls further: Accounting for 52 percent of the day’s turnover, JKH posted the highest contribution to the turnover followed by Sampath Bank which made up 17 percent as both stocks recorded losses with the former shedding 3.4 percent in value and the latter 2.2 percent.

Making up 53 percent of the daily turnover, diversified Holdings led the sector-wise contribution to the turnover while banks, finance and insurance stocks followed up with 29 percent.

Furthermore, Tess Agro (non-voting) and Adam Capital were the highest gainers in the market while LOLC Finance and Anilana Hotels & Properties were two of the most actively traded stocks for the day.

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