CSE rallies amid foreign buying

Sri Lanka, Apr 03 (Capital Leads) – The Colombo Stock Exchange (CSE) continued its upward momentum for the fourth straight session today as Melstacorp (MELS) gained nearly six percent in value while Sampath Bank jumped nearly three percent on foreign buying.

With a gain of 0.34 percent from the previous session, the broad market All Share Price Index (ASPI) edged 18.94 points higher to stand at 5,597.37 points. Meanwhile, more liquid S&P SL20 Index stood up 6.58 points to reach 2,737.57 points, an increase of 0.24 percent from the previous session.

Collectively making up fifteen percent of the day’s turnover, Sampath Bank (SAMP)) and Nations Trust Bank (NTB) witnessed off-board transactions today. With 8.5 mn shares trading in total, the market turnover remained mostly unchanged from yesterday at LKR405.2 mn (USD2.3 mn), well below the YTD average daily turnover of LKR640.2 mn (USD3.7 mn).

Sampath Bank (SAMP), gaining 2.59 percent in value amid foreign buying made the highest contribution to the turnover with 34 percent. Moreover, 0.2 mn of SAMP shares traded off-board today at LKR168.50 per share. Making up 31 percent of the day’s turnover John Keells Holdings (JKH) dropped 0.32 percent amid local selling while Melstacorp (MELS) boosted ASPI gain today climbing 5.56 percent in value.

Furthermore, the sector of Banks, Finance and Insurance spearheaded the sectoral contribution to the turnover with 58 percent ahead of 32 percent generated from Diversified Holdings.

Posting the fourth consecutive session of net foreign inflow, foreign investors bought shares worth a net LKR205.7 mn (USD1.2 mn), narrowing the YTD net foreign outflow to LKR5.5 bn (USD31.4 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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