CSE snaps four sessions of gains as net foreign outflow continues

Sri Lanka, Oct 09 (Insights Equity) – After four consecutive sessions of gains, Sri Lankan stocks closed the session lower today amid continuing net foreign outflow.

ASPI sheds 0.5 percent: The broad market All Share Price Index (ASPI) edged down 27.68 points to close the day at 5,880.38 points, 0.47 percent weaker than yesterday while, more liquid S&P SL20 Index declined 35.98 points to reach 3,002.14 points, 1.18 percent lower than the previous session.

On-board transactions contribute more than 90 percent of turnover: With a single crossing reported, off-board transactions made up only 6 percent of the day’s turnover as market turnover stood at LKR350.5 mn (USD2.1 mn), less than half the year-to-date average daily turnover of LKR772.2 mn (USD4.5 mn). Meanwhile, 10.0 mn shares changed hands today, compared to 17.9 mn of the previous session.

JKH leads the turnover generation; sheds more than 1 percent: Contributing to 55 percent of the day’s turnover, John Keells Holdings made the highest contribution to the turnover as the stock plunged 1.1 percent of its value today driven by foreign selling.

Meanwhile, Teejay Lanka, backed by a crossing where 0.7 mn of its shares transacted at LKR30.0, made up 8 percent of the day’s turnover, as the stock gained 1.7 percent amid foreign buying.

The diversified sector stocks dominated the sector-wise contribution to the turnover with 57 percent followed by banks, finance and insurance sector which made up 16 percent.

Net foreign selling continues: Net foreign outflow continued for the fifteenth consecutive session today as overseas investors offloaded shares worth a net LKR111.8 mn (USD0.7 mn) today extending the year-to-date net foreign outflow to LKR6.6 bn (USD38.7 mn).

Furthermore, SMB Leasing and Commercial Credit & Finance were among the highest gainers of the market today, while Browns Capital and Vallibel Power were two of the most actively traded counters of the day.


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