CSE posts lowest turnover in nearly a month on thin trade

Sri Lanka, Oct 01 (Insights Equity) – Sri Lankan shares today posted the lowest turnover in nearly a month amid low trading volumes as both indices slipped for the third consecutive session.

Both ASPI and S&P SL20 down more than 1 percent: The broad market All Share Price Index (ASPI) dropped 44.64 points to close the session at 5,817.54 points, 0.76 percent weaker than the previous session, while more liquid S&P SL20 index shed 31.94 points to stand at 2,970.06 points, 1.06 percent lower than Friday.

With no crossings, trade volume slumps, dragging down the turnover: While there were no crossings recorded for the day, number of shares transacted amounted to only 8.6 mn, nearly a third of year-to-date average daily trading volume of 25.0 mn shares.

Meanwhile, the day’s turnover stood at LKR177.1 mn (USD1.1 mn), around one-fifth of the year-to-date average daily turnover level of LKR784.2 mn (USD4.6 mn) and its lowest since September 06, 2018.

Net foreign outflow contracts amid thin volumes: Expanding the year-to-date net foreign outflow to LKR6.2 bn (USD36.6 mn), net foreign outflow continued for the ninth straight session as today’s net foreign selling stood at LKR46.1 mn (USD0.3 mn), a 20 percent decline from the previous session.

Driven by foreign selling, Ceylon Cold Stores leads the turnover generation: Ceylon Cold Stores dropped 5.8 percent as the stock witnessed net foreign selling to spearhead the turnover generation with a contribution of 41 percent.

Meanwhile, Sampath Bank and National Development Bank enticed foreign buying, making up 8.3 percent and 8.1 percent of the day’s turnover respectively.

With 42 percent, beverage, food and tobacco sector led the sector-wise contribution to the turnover followed by banking, finance & insurance stocks which collectively made up 36 percent of the day’s turnover.

Furthermore, Renuka City Hotel and Udapussellawa Plantations were two of the highest price gainers in the market today while Sierra Cables and Ambeon Holdings were among the most actively traded stocks during the day.

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