CSE turnover reaches three-week high amid local buying

Sri Lanka, May 17 (Capital Leads) –The Colombo Stock Exchange (CSE) generated its highest turnover in more than three weeks today as net foreign outflow reached LKR1 bn amid local investor interest in John Keells Holdings (JKH) and Dialog Axiata (DIAL).

The broad market All Share Price Index (ASPI) edged up 7.92 points to stand at 5,259.79 points, an increase of 0.15 percent from the previous session. More liquid S&P SL20 Index meanwhile dipped 7.83 points to reach 2,446.90 points, a loss of 0.32 percent from yesterday.

While the total number of shares traded stood at 70.7 mn, the second highest for the year so far, John Keells Holdings (JKH) and Dialog Axiata (DIAL) contributed crossings today adding up to 43 percent of the day’s turnover. More than doubling the YTD average daily turnover of LKR565.2 mn (USD3.2 mn), the daily market turnover improved up to LKR1.4 bn (USD7.9 mn), its highest since April 24, 2019.

On-board trading dominated John Keells Holdings (JKH) as the stock stood firm to led the turnover generation amid mixed selling and local buying. Driven by 55.0 mn shares trading off-board at LKR9.00, Dialog Axiata (DIAL) meanwhile followed up with 36 percent of the turnover as the stock edged up 1.12 percent amid foreign selling and local buying.

Furthermore, Diversified Holdings spearheaded the sector-wise turnover generation with 58 percent of contribution followed by 36 percent from the sector of Telecommunications.

The market witnessed the highest net foreign outflow today in more than three months, as overseas investors sold shares worth a net LKR1.4 bn (USD7.9 mn), extending the YTD net foreign selling to LKR5.7 bn (USD32.7 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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