Sri Lankan Shares slide on foreign selling amid healthy turnover level
Sri Lanka, Aug 17 (Insights Equity) – Sri Lankan shares extended losses for the sixth consecutive session on Friday amid improving daily turnover levels as foreign investors continued offloading local stocks.
The broad market All Share Price Index (ASPI) shed 32 points declining 0.5 percent to reach 6,051.10 while more liquid S&P SL20 index dropped nearly 10 points to stand at 3,238.25, 0.3 percent lower than the previous day.
Foreign investors were net sellers for the third consecutive session, as they sold shares worth a net LKR229.0 mn (USD1.4 mn), less than half of the foreign outflow yesterday; thus, year-to-date net outflow extended to LKR3.5 bn (USD22.1 mn).
Recording its second highest for the week, daily market turnover stood at LKR569.4 mn (USD3.6 mn), well-below the year-to-date daily average turnover of LKR830.6 mn (USD5.2 mn).
JKH was the leading turnover generator for the fourth straight session, with a 35 percent of contribution, followed by Nestle with a 25 percent of share, as the stock made up 68 percent of the day’s off-market negotiated trades which together made up 37 percent of the turnover.
Sector-wise, Diversified sector led the turnover generation with a 37 percent of contribution, followed by Beverages, Food and Tobacco which made up 32 percent.
Furthermore, S M B Leasing (Voting) and Blue Diamonds (Voting) were amongst the top gainers while Renuka Hotels and East West Properties (Voting) were two of the most actively traded stocks for the day.
Reporting by: Dulan Lokuwithana