Sri Lanka, May 15 (Capital Leads) – The Colombo Stock Exchange (CSE) fell for the tenth consecutive session today despite local investor interest in John Keells Holdings (JKH) and Kelani Tyres (TYRE).
The broad market All Share Price Index (ASPI) dropped 23.71 points to stand at 5,199.98 points, a loss of 0.45 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 17.75 points to reach 2,441.40 points, a decline of 0.72 percent from yesterday.
With off-board trades from John Keells Holdings (JKH) and Kelani Tyres (TYRE) accounting for 37 percent of the day’s turnover, the market turnover slipped to LKR388.6 mn (USD2.2 mn) today, well below the YTD average daily turnover of LKR555.9 mn (USD3.1 mn).
Local buying in John Keells Holdings (JKH) and Kelani Tyres (TYRE) lifted both the stocks 0.37 percent and 0.33 percent in value respectively as the former, trading 0.8 mn shares off-board at LKR134.90 apiece, dominated the turnover generation with a contribution of 60 percent, while the latter made up 11 percent.
Generating 62 percent of the turnover, the sector of Diversified Holdings spearheaded the sectoral contribution to the turnover, followed by 13 percent from the Manufacturing sector.
After five consecutive sessions of net foreign buying, the market witnessed net foreign selling today as overseas investors sold shares worth a net LKR165.4 mn (USD0.9 mn), extending the YTD net foreign outflow to LKR4.4 bn (USD24.6 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.