Sri Lanka, Mar 07 (Capital Leads) – After a sharp decline in the previous session immediately following the Budget 2019 presented on Tuesday, both indices of the Colombo Stock Exchange (CSE) stood firm today with improving turnover.
The broad market All Share Price Index (ASPI) fell marginally by 0.75 points to stand relatively unchanged at 5,752.35 points while more liquid S&P SL20 Index, with a gain of 0.82 points, reached 2,882.68 points, an increase of 0.03 percent.
With 0.3 mn shares of Sampath Bank (SAMP) trading off-board at LKR200.0 per share, off-board transactions accounted for 9 percent of the day’s turnover. The total turnover nearly doubled from yesterday to reach LKR637.1 mn (USD3.6 mn) as YTD average daily turnover stood at LKR671.7 mn (USD3.8 mn).
John Keells Holdings (JKH) led the turnover generation with 68 percent of contribution, with the stock remaining unchanged in value amid foreign outflow. Sampath Bank (SAMP) followed up with 19 percent as the stock dropped 1.23 percent driven by local selling.
Meanwhile, the Diversified Holdings spearheaded the sectoral contribution to the turnover with 70 percent ahead of the Banks, Finance and Insurance stocks which collectively made up 24 percent of the turnover.
Net foreign outflow continued for the fourth consecutive session as foreigners sold shares worth a net LKR 329.3 mn (USD1.8 mn) extending the YTD net foreign outflow to LKR6.1 bn (USD34.0 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.