CSE falls sharply amid YTD net foreign outflow exceeding LKR5 bn

Sri Lanka, Sep 14 (Insights Equity) – Sri Lankan stocks posted strong turnover levels over the week, backed by the acquisition of Dunamis Capital by Janashakthi PLC, despite witnessing its sharpest weekly fall in three weeks as year-to-date net foreign outflow crossed LKR5 bn on Friday.

ASPI witnesses the sharpest fall in weeks: Having shed 86.63 points throughout the week, the broad-market All Share Price Index closed at 6,031.26 points, 1.42 percent lower than the previous week’s close, its sharpest drop since the week ending August 17, 2018.

Meanwhile, more liquid S&P SL20 index fell 77.05 points during the week to close at 3,139.77 points, 2.4 percent weaker than the end of the previous week.

YTD net foreign outflow exceeds LKR5 bn: Year-to-date net foreign outflow exceeded LKR5 bn at the close of the week as foreigners offloaded stocks worth a net LKR564.3 mn (USD3.5 mn) over the week, nearly four times the average year-to-date weekly net foreign outflow of LKR142.3 mn (USD0.9 mn)

Weekly turnover trebles from previous week as Janashakthi acquires 31 percent of Dunamis Capital: With crossings accounting more than 64 percent, weekly turnover stood at LKR4.4 bn (USD27.1 mn), more than thrice the size of the weekly turnover for the previous week.

The acquisition of 31 percent of Dunamis capital by Janashakthi PLC on Thursday through two crossings boosted the weekly turnover, as the stock gained more than 84 percent in value over the week, exceeding more than 80 percent of the day’s contribution to the turnover.

Crossings contribution to the weekly turnover exceeds 50 percent: During the week, 126.7 mn of shares changed hands, more than twice the level for the previous week, while off-board transaction made up 64 percent of the weekly turnover, increasing over 7 times from the level of previous week.

Dunamis Capital leads the weekly turnover generation: With a contribution of 33 percent to the weekly turnover, Dunamis capital spearheaded the week’s turnover generation followed by John Keels Holdings which made up 17 percent, as the stock declined by more than 3 percent in value over the week, driven by foreign selling.

Meanwhile, the diversified sector took the lead in sectoral contribution to the weekly turnover making up 52 percent, while banks, finance and insurance stocks followed up with close to 29 percent.

Graph - WeeklyOverview - WeeklyTables - Weekly

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