CSE extends losing streak amid foreign selling

Sri Lanka, Mar 26 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) slumped today for the seventh consecutive session as net foreign selling in the market continued for the second straight session.

The broad market All Share Price Index (ASPI), losing 15.99 points dropped to 5,513.68 points, 0.29 percent lower than the previous session. Meanwhile, more liquid S&P SL20 Index edged down 9.60 points to stand at 2,708.00 points, a decline of 0.35 percent from yesterday.

With Nations Trust Bank (NTB) contributing to the only off-board transaction for the day, 14 percent of total turnover was made up of negotiated trades. While 13.3 mn shares changed hands in total, the market turnover stood at LKR311.5 mn (USD1.7 mn), nearly half of the YTD average daily market turnover of LKR669.2 mn (USD3.8 mn).

John Keells Holdings (JKH) led the day’s turnover generation with 23 percent of contribution as the stock stood firm amid foreign selling. Nations Trust Bank (NTB), with 0.5 mn of its shares trading off-board at LKR90.0 apiece, followed up with 19 percent of contribution as the stock despite foreign selling stood unchanged in value.

Furthermore, the sector of Banks, Finance, and Insurance spearheaded the sector-wise contribution to the turnover with 40 percent ahead of 35 percent from Diversified Holdings.

Net foreign selling in the market meanwhile continued for the second consecutive session as overseas investors sold shares worth a net LKR36.6 mn (USD0.2 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.

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