CSE extends losses; Hits 4-month closing low

Sri Lanka, Feb 26 (Capital Leads) – Witnessing its lowest close in more than seventeen weeks, the broad market All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) fell for the sixth consecutive session today.

With a decline of 0.20 percent, the ASPI lost 11.46 points to reach 5,826.26 points, its lowest close since October 25, 2018. Meanwhile, the more liquid S&P SL20 Index, with a gain of only 0.36 points, stood relatively unchanged at 2,977.83 points.

Amid two crossings of 6.3 mn shares of Hemas Holdings (HHL) and Commercial Bank (COMB), the off-board transactions made up 76 percent of the total turnover which improved to LKR765.3 mn (USD4.3 mn) today. The total number of shares traded stood at 12.3 mn of shares as the YTD average daily turnover stood at LKR657.6 mn (USD3.7 mn).

Hemas Holdings (HHL) led the turnover generation with 43 percent of contribution as the stock, trading 3.9 mn shares off-board at LKR84.0 per share, dropped 4.64 percent driven by foreign selling. Meanwhile, 2.4 mn shares of Commercial Bank (COMB) witnessed off-board trading as the stock making up 35 percent of contribution lost 1.03 percent today amid foreign selling.

Furthermore, the sector of Diversified Holding spearheaded the sectoral contribution to the turnover with 56 percent ahead of Banks, Finance and Insurance stocks which collectively made up 39 percent of the total turnover.

Driven by foreign selling in JKH, the foreign outflow continued for the fourth successive session as overseas investors sold shares worth a net LKR14.2 mn (USD0.1 mn), extending the YTD net foreign outflow to LKR5.4 bn (USD30.3 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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