Sri Lankan Shares slide amid healthy turnover on foreign selling
Sri Lanka, Aug 16 (Insights Equity) – Sri Lankan shares extended losses for the fifth consecutive session on Thursday despite recording the highest turnover in more than a week as foreign investors continued selling stocks in the index-heavy conglomerate John Keells Holdings (JKH).
The broad market All Share Price Index (ASPI) edged down marginally by 0.05 percent to reach 6,083.59, while more liquid S&P SL20 index dropped more than 19 points to stand at 3,248.16, 0.6 percent lower than the previous day.
Foreign investors became net sellers for the second straight session as they sold shares worth a net LKR474.7 mn (USD3.0 mn), second highest foreign outflow so far this month; thus, year-to-date net foreign outflow extended to LKR3.3 bn (USD20.7 mn).
Recording its highest since August 08, 2018, daily market turnover stood at LKR788.9 mn (USD4.9 mn), slightly below than the year-to-date daily average turnover of LKR832.3 mn (USD5.2 mn).
However, JKH was the leading turnover generator with a 72 percent of contribution, as the stock was the sole contributor for crossings of the day where two blocks of its 3.2 million shares changed hands at LKR138.0. Off-market trades accounted for 62 percent of total turnover, its highest contribution to turnover so far this week.
Sector-wise, Diversified sector led the turnover generation with a 72 percent of contribution, followed by Beverages, Food and Tobacco which made up 12 percent.
Furthermore, Office Equipment and Trade Finance were amongst the top gainers while Tess Agro (Non-voting) and Maskeliya Plantations were two of the most actively traded stocks for the day.
Reporting by: Dulan Lokuwithana