Sri Lanka, May 08 (Capital Leads) – After three consecutive sessions of foreign outflow, the Colombo Stock Exchange (CSE), driven by foreign investor interest in John Keells Holdings (JKH), witnessed net foreign buying today. However, led by local selling in Dialog Axiata (DIAL), the overall market declined for the fifth straight session.
The broad market All Share Price Index (ASPI) dropped 9.57 points to stand at 5,372.97 points, a loss of 0.18 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 13.15 points to reach 2,552.16 points, a decline of 0.51 percent from yesterday.
With no off-board transactions, a total of 7.9 mn shares changed hands, well-below the YTD average daily share volume of 14.9 mn. The market turnover meanwhile further narrowed to LKR222.3 mn (USD1.3 mn), less than half of the YTD average daily turnover of LKR571.2 mn (USD3.2 mn).
Falling 0.29 percent in value, John Keells Holdings (JKH) amid foreign investor interest contributed the highest turnover contribution of 38 percent while East West Properties (EAST) making up 16 of the day’s turnover dropped 4.12 percent. Dialog Axiata (DIAL), declining 2.25 percent driven by local selling, led the slump in the All Share Price Index (ASPI).
Generating 42 percent of the turnover, Diversified Holdings spearheaded the sectoral contribution to the turnover followed by 28 percent from Banks, Finance, and Insurance stocks.
After three consecutive sessions of net foreign outflow, the market witnessed net foreign buying today as overseas investors bought shares worth a net LKR60.2 mn (USD0.3 mn), narrowing the YTD net foreign outflow to LKR4.4 bn (USD25.1 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.