CSE slides in thin trading

Sri Lanka, Mar 18 (Capital Leads) – Amid thin volumes and no off-board transactions, both indices of the Colombo Stock Exchange (CSE) fell marginally today.

The broad market All Share Price Index (ASPI) lost 1.26 points to stand at 5,614.98 points, a decline of 0.02 percent from the previous session while more liquid S&P SL20 Index, losing only 0.10 points, stood almost unchanged at 2,761.00 points.

With no crossings, the total number of shares traded slumped to 7.6 mn dragging the daily market turnover down to LKR251.4 mn (USD1.4 mn), nearly a third of YTD average daily turnover of LKR691.4 mn (USD3.9 mn).

Driven by foreign buying, Commercial Bank (COMB) led the turnover generation with 30 percent of contribution as the stock gained 1.01 percent in value. Meanwhile, Hemas Holdings (HHL) contributing 17 percent to the total turnover today climbed 0.80 percent backed by local investor interest.

Furthermore, Banks. Finance and Insurance sector made up the highest sectoral contribution to the turnover with 56 percent ahead of 26 percent from Diversified Holdings.

The market returned to net foreign selling today as overseas investors sold shares worth a net LKR40.8 mn (USD0.2 mn), expanding the YTD net foreign outflow to LKR5.9 bn (USD33.2 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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