CSE gains amid local buying in JKH

Sri Lanka, Jan 25 (Capital Leads) – The Colombo Stock Exchange (CSE) gained for the third straight session today as market turnover remained steady amid local buying in John Keells Holdings (JKH).

The broad market All Share Price Index (ASPI) gained 17.96 points to close the session at 5,978.30 points, 0.30 percent higher than the previous session, while more liquid S&P SL20 Index, gaining 0.29 percent, moved up 8.77 points, to reach 3,046.23 points.

Declining more than a third from yesterday, the daily turnover stood at LKR460.8 mn (USD2.5 mn), as YTD average daily turnover narrowed to LKR568.9 mn (USD3.1 mn). The number of shares transacted increased by a quarter from yesterday to stand at 15.6 mn shares as no off-board transactions were recorded during the day.

As part of its mandatory offer following the acquisition of Hunas Falls Hotels (HUNA) last week,Serenity Lake Leisure (Private) Limited today announced the purchase of 0.8 mn of remaining ordinary shares at LKR187.0 per share.

In addition to 15.98 percent and 50.22 percent stakes held by Amaya Leisure PLC and Carbotels (PVT) Limited prior to the acquisition, the total shareholding of Serenity Lake Leisure (Private) Limited in Hunas Falls Hotels now stands at 81.09 percent.

Backed by local buying, JKH led the turnover generation with 59 percent of contribution as the company gained nearly 1 percent in value today. Meanwhile, the Diversified Holdings spearheaded the sector-wise contribution with 60 percent while the Banks, Finance and Insurance stocks followed up with 12 percent.

After three consecutive sessions of net foreign buying, the market witnessed a marginal outflow of foreign funds today as foreign investors sold shares worth a net LKR22.9 mn (USD0.1 mn), extending the YTD net foreign outflow to LKR2.1 bn (USD11.4 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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