CSE hits over two-week closing low; YTD net foreign outflow exceeds LKR5 bn

Sri Lanka, Sep 14 (Insights Equity) – Sri Lankan shares recorded its lowest close in more than two weeks, driven by foreign selling in John Keels Holdings and Sampath Bank.

ASPI sheds 29 points: The All Share Price Index (ASPI) fell 29.42 points to close the day at 6,031.26 points, 0.49 percent weaker than yesterday and its lowest close since August 28, 2018.

Meanwhile, S&P SL20 index stood 0.87 percent lower than the previous session declining 27.65 points to end the day at 3,139.77 points, its lowest close since March 10, 2016.

Market turnover remains healthy despite no major deals: Despite witnessing a decline of more than 50 percent from yesterday’s of turnover where Janashakthi acquired 31 percent of Dunamis Capital, the daily turnover reached LKR786.1 mn (USD4.8 mn), mostly in line with the year-to-date daily average turnover of LKR798.9 (USD 4.9 mn).

Meanwhile, the market witnessed four crossings today as contribution to the turnover from off-market negotiated trades reached 52 percent from 88 percent posted yesterday.

Net foreign outflow crosses LKR5 bn mark: Extending the year-to-date net foreign outflow to LKR5.1 bn (USD31.6 mn), foreigners today offloaded shares worth a net LKR340.7 mn (USD2.1 mn), mainly driven by foreign selling in John Keels Holdings (JKH).

JKH leads the turnover generation: Accounting for 48 percent of the day’s turnover, JKH spearheaded the turnover generation, followed by Sampath Bank which made up 19 percent as both stocks witnessed a crossing each where 2.0 million of JKH shares traded at LKR135.0 and 0.2 mn of Sampath Bank shares changed hands at LKR265.0

However, diversified sector led the sector-wise contribution to the day’s turnover with close to 50 percent of contribution, while banks, finance & insurance sector stocks made up 41 percent.

Furthermore, Tess Agro (non-voting) and Singhe Hospitals were two of the highest price gainers in the market today as Asia Asset Finance and Dunamis Capital were amongst the most actively-traded stocks for the day.

Click here for the weekly report on CSE performance prepared by Insights Equity for the week ending August 14, 2018.

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