CSE gains driven by foreign buying in Teejay

foreign buying in Teejay Lanka (TJL) which gained nearly 3.0 percent following its strong third quarter results for FY19.

Gaining 0.07 percent from yesterday, the All Share Price Index (ASPI) stood up 4.35 points to reach 5,964.15 points, while more liquid S&P SL20 Index, climbed 4.82 points higher to close at 3,058.07 points, 0.16 percent above the previous session.

Driven by six crossings from Sampath Bank (SAMP), Ceylinco Insurance (CINS) and Union Bank (UBC), the off-board transactions made up 40 percent of total daily turnover which stood at LKR474.7 mn (USD2.7 mn) as YTD average daily turnover dipped to LKR572.7 mn (USD3.2 mn).

With 5.8 mn shares trading off-board, the total number of shares transacted improved to 18.0 mn today from 10.0mn recorded in the previous session.   

Ceylinco Insurance (CINS) made the highest contribution to the turnover with 20 percent as 0.05mn of its shares traded off-board at LKR1,910.0 per share, while Teejay Lanka (TJL), gaining 2.9 percent in value through foreign buying, made up 18 percent.

TJL, which yesterday reported its earnings for the third quarter of the financial year ending March 31, 2019, recorded its fifth consecutive quarterly growth both in topline and bottom-line.

After five straight sessions of net foreign outflow, the market witnessed net foreign purchases today as overseas investors bought shares worth a net LKR51.8 mn (USD0.3 mn), narrowing the YTD net foreign outflow to LKR3.4 bn (USD19.1 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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