CSE gains amid foreign buying in post-holiday trading

Sri Lanka, Apr 17 (Capital Leads) – Starting the holiday-shortened trading week on Tuesday, the Colombo Stock Exchange (CSE) recorded gains driven by foreign buying in John Keells Holdings (JKH). The market was closed on Monday as Sri Lanka celebrated the Traditional New Year over the weekend.

With a gain of 0.12 percent from the previous session, the broad market All Share Price Index (ASPI) edged 6.53 points higher to stand at 5,591.83 points. Meanwhile, more liquid S&P SL20 Index stood up 8.83 points to reach 2,722.14 points, an increase of 0.33 percent from the previous session.

Dialog Axiata (DIAL)witnessed the only off-board transaction making up 52 percent of total daily turnover as the total number of shares traded for the day stood at 14.4 mn. The daily market turnover dropped slightly from the previous session to LKR173.0 mn (USD1.0 mn), well-below the YTD average daily market turnover of LKR605.1 mn (USD3.5 mn).

Sliding 1.10 percent in value, Dialog Axiata (DIAL) dominated the turnover generation with 54 percent of contribution as 9.8 mn of its shares traded off-board at LKR9.1 apiece. John Keells Holdings (JKH) meanwhile stood unchanged in value amid foreign buying as the stock made up 19 percent of the day’s turnover.

Furthermore, the sector of Telecommunications spearheaded the sectoral contribution to the turnover with 54 percent ahead of 19 percent generated from Diversified Holdings.

Driven by foreign interest in John Keells Holdings (JKH) and Access Engineering (AEL), net foreign buying in the market picked up from the previous session as foreigners bought shares worth a net LKR31.5 mn (USD0.2 mn), narrowing the YTD net foreign outflow to LKR6.0 bn (USD34.5 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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