Sri Lanka, Sep 12 (Insights Equity) – Sri Lankan stocks extended the losing streak today for the third straight session as the market posted its highest decline in more than two months led by foreign selling in blue chip stocks.
ASPI drops to two-week low: The All Share Price Index (ASPI) dropped 36.23 points to close the day at 6,059.00 points, its lowest close since August 29, 2018, as the index witnessed a decline of 0.59 percent, its steepest decline since July 04, 2018.
Meanwhile, S&P SL20 index, where largest and most liquid stocks are included, fell 32.06 points to reach 3,170.68 points, 1.00 percent weaker than the previous session.
Turnover reaches the highest level in nearly two weeks: The daily market turnover improved by nearly three times from the level seen yesterday to reach LKR967.8 mn (USD5.9 mn), its highest since August 29, 2018 and well-above the year-to-date average daily turnover of LKR793.7 mn (USD4.8 mn).
With four crossings recorded for the day, the off-market negotiated trades accounted for 51 percent of the day’s turnover while number of shares transacted jumped to 41.0 mn, nearly four times the number seen yesterday.
Net foreign outflow turns negative: Foreign selling was witnessed in John Keells Holdings (JKH) and Sampath Bank as foreigners sold stocks worth a net LKR144.4 mn (USD0.9 mn), today extending the year-to-date net foreign outflow to LKR4.7 bn (USD28.9 mn).
Cargills leads the daily turnover generation while UAL gains 10 percent: Accounting for 38 percent of the day’s turnover, Cargills led the market turnover, followed by JKH which made up 13 percent as both stocks posted two of the day’s crossings.
Contributing to 11 percent of the day’s turnover, Sampath Bank fell nearly 2 percent in value while Union Assurance (UAL) gained more than 10 percent to close the day at LKR358.9 as both stocks witnessed a crossing each.
Beverage, food & tobacco stocks led the sector-wise contribution to the turnover with 40 percent, followed by banks, finance & insurance sector which made up 26 percent.
Sathosa Motors and People’s Merchant Finance were two of the highest gainers in the market today while Anilana Hotels & Properties and Tess Agro were amongst the most active stocks for the day.
Colombo Stock Exchange – Daily Report