CSE gains amid healthy weekly turnover

Sri Lanka, Jan 19 (Capital Leads) –The Colombo Stock Exchange (CSE) this week recorded the highest weekly turnover for the year so far as both indices moved up despite the holiday-shortened week.

With a gain of 20.8 points during the week, the broad-market All Share Price Index (ASPI) closed at 5,988.07 points, 0.35 percent higher than the week before, while more liquid S&P SL20 Index jumped 29.68 points to reach 3,066.29 points, a gain of 0.98 percent from the previous week.

The weekly turnover improved to LKR3.4 bn (USD18.9 mn), the highest in three weeks as crossings made up 64 percent of total turnover while the number of shares transacted stood at 53.2 mn shares.

John Keells Holdings (JKH) gained nearly 1 percent over the week as stock led the weekly turnover generation with 50 percent of contribution while Hunas Falls Hotels (HUNA), making up 25 percent of turnover, edged up 16 percent in value.

On Thursday, Serenity Lake Leisure (Private) Limited, which acquired 15.98 percent and 50.22 percent of the shareholding of Hunas Falls Hotels from Amaya Leisure PLC and Carbotels (Private) Limited respectively, made a mandatory offer for the remaining ordinary shares at LKR187.0 per share.

Furthermore, the Diversified Sector spearheaded the sector-wise contribution to the weekly turnover this week with 52 percent, ahead of Hotels and Travels stocks which made up 26 percent.

Driven by heavy foreign selling in JKH, the net foreign selling accelerated to LKR1.5 bn (USD 8.0 mn), the highest in three weeks, as YTD net foreign outflow reached LKR2.3 bn (USD 783.9 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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