Sri Lankan Stocks record the second highest weekly gain for the year

Sri Lanka, Oct 26 (Insights Equity) –The Colombo Stock Exchange (CSE) ended the holiday-shortened week positive, recording its second highest weekly gain since January, as diversified holdings and banking stocks driven by local investor interest spearheaded the turnover generation.

ASPI records the second highest gain for the year: The All Share Price Index (ASPI) stood out with 1.23 percent gain, its highest since first week of January 2018, to reach 5,831.96 points by Friday’s close, a gain of 70.87 points from the previous week.

Meanwhile, S&P SL20 index, which tracks the largest and most liquid stocks, edged up 64.77 points to stand at 2,997.33 points, 2.76 percent higher than the previous week.

Four-day trading records second highest turnover in five weeks: Backed by two consecutive sessions surpassing LKR1 bn of turnover, the week’s turnover, reached LKR3.1 bn (USD18.2 mn) as the number of shares transacted reached 57.8 mn, with off-board transactions making up 73 percent of the turnover.

Foreign outflow tapers off despite strong turnover: Extending the year-to-date net foreign selling to LKR9.8 bn (USD232.5 mn), foreign investors offloaded stocks worth a net LKR444.4 mn (USD2.6 mn), nearly a fifth from the previous week.

JKH leads turnover generation; gains 8.2 percent: John Keells Holdings with a contribution of 47 percent spearheaded the weekly turnover generation ahead of Commercial Bank which made up 17 percent as both counters, driven by local investor interest gained 8.2 percent and 1.7 percent respectively.

Meanwhile, sector of diversified holdings, gaining 3.0 percent, made the highest contribution to the turnover with 51 percent as banks, finance and insurance stocks generating 33 percent edged up 2.3 percent.










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