CSE turnover crosses LKR 1bn as Janashakthi buys 31 percent stake in Dunamis

Sri Lanka, Sep 13 (Insights Equity) – Sri Lankan shares closed firm today, while the market turnover reached its highest in more than a month backed by off-market negotiated transactions as Janashakthi PLC acquired 31 percent of Dunamis Capital.

ASPI gains marginally: The All Share Price Index (ASPI) inched up 1.68 points, to close at 6,060.68 points, while more liquid S&P SL20 index declined by 3.26 points to reach 3,167.42 points, 0.1 percent weaker than the previous session.

Market turnover crosses LKR 1bn for the second time in three weeks: Daily market turnover crossed the LKR 1 billion mark for the first time during the month of September to reach LKR1.7 bn (USD10.4 mn), more than twice the size of year-to-date average daily turnover level of LKR799.0 (USD4.9 mn).

The daily market turnover climbed to its highest level since August 07, 2018 as Janashakthi PLC (JANA), acquired 38.3 mn shares of Dunamis Capital (CSEC) at LKR36.6 per share by way of two crossings, increasing its stake in CSEC up to 41 percent, according to corporate disclosures made by the two companies.

Net foreign outflow continues: Foreigners were net sellers for the second consecutive session as they sold shares worth a net LKR41.9 mn (USD0.3 mn), expanding the year-to-date net foreign outflow to LKR4.8 bn (USD29.5 mn).

Dunamis Capital leads the turnover generation: With 85 percent of contribution to the day’s turnover, CSEC led the turnover generation as the stock topped the list of highest gainers for the day, with its share price nearly doubling from yesterday, to close at LKR35.1.  Meanwhile, C T holdings and Cargills made up 3 percent and 2 percent of contribution to the daily turnover respectively as both stocks witnessed a crossing each.

The diversified sector led the sector-wise contribution to the turnover with 92 percent, followed by banks, finance & insurance stocks which collectively made up 4 percent.

Moreover, SMB Leasing and Beruwala resorts were also amongst today’s top price gainers while LOLC Finance and Adam Capital were two of the most active stocks for the day.

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Sources:

Colombo Stock Exchange – Daily Report

https://www.bloomberg.com

https://us.spindices.com

https://www.msci.com

Reporting by: Dulan Lokuwithana
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  1. CSE hits over two-week closing low; YTD net foreign outflow exceeds LKR5 bn – Insights Equity
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