Sri Lankan shares tumble for the third straight session
Sri Lanka, Aug 14 (Insights Equity) – Sri Lankan shares continued the losing streak for the third straight session on Tuesday as the broad market All Share Price Index (ASPI) shed more than fifteen points to record its lowest level since July 11, 2018.
The ASPI edged down 0.26 percent to reach 6,113.00, while more liquid S&P SL20 dropped 0.82 percent to stand at 3,275.16, its lowest close since April 2016 as the index heavyweight John Keels Holdings (JKH) dropped by almost 1 percent to end the session at LKR140.5 per share.
Meanwhile, foreign investors remained net buyers of Sri Lankan stocks today for the fifth consecutive session as they bought shares worth LKR112.5 mn (USD0.7 mn); thus year-to-date net foreign outflow further declined to LKR2.7 bn (USD17.0 mn).
With an improvement of 57 percent compared to yesterday, market turnover stood at LKR380.4 mn (USD2.4 mn), well below the year-to-date daily average turnover of LKR836.6 mn (USD5.2 mn).
However, JKH was the leading turnover generator with a 46 percent of contribution, as the stock was the sole contributor for crossings of the day where two blocks of 0.2 million and 0.3 million shares changed hands at LKR141.0 and LKR140.5 respectively. Off-market trades accounted for 18 percent of total turnover, compared to 15 percent seen yesterday.
Sector-wise, the diversified sector led the turnover generation, having contributed 48 percent of day’s turnover followed by banks, finance and insurance sector which contributed 36 percent.
Furthermore, S M B Leasing (Non-voting and Voting) and Eastern Merchants were amongst the top gainers in the market while Hatton Plantations and Tess Agro were two of the most actively traded stocks for the day.
Reporting by: Dulan Lokuwithana