Sri Lankan Shares edge down as foreign selling dominates
Sri Lanka, Aug 20 (Insights Equity) – Sri Lankan shares extended losses for the seventh consecutive session on Monday amid falling turnover levels as foreign investors continued offloading local stocks.
The broad market All Share Price Index (ASPI) fell marginally by 7 points, a 0.1 percent decline, to reach 6,044.23 while more liquid S&P SL20 index slumped nearly 11 points to stand at 3,227.61, 0.3 percent lower than the previous day.
Foreign investors were net sellers, albeit marginally, for the fourth straight session, as they sold shares worth a net LKR11.7 mn (USD0.1 mn), close to half of the daily average foreign outflow of LKR23.4 mn (USD0.2 mn); thus, year-to-date net outflow extended to LKR3.6 bn (USD22.2 mn).
Recording its lowest in more than two weeks, daily market turnover stood at LKR193.2 mn (USD1.2 mn), less than a quarter of the year-to-date daily average turnover of LKR826.4 mn (USD5.2 mn).
Dialog Axiata, with more than 2 percent of decline in share price, was the leading turnover generator, with a 31 percent of contribution, followed by John Keells Holdings, with an 18 percent contribution, as the stock fell 0.1 percent driven by foreign investor selling.
Sector-wise, Banks, Finance & Insurance led the turnover generation, with a share of 33 percent, followed by Telecommunications which made up 31 percent.
Furthermore, Blue Diamonds (Non-voting) and Colombo City Holdings were amongst the top gainers while S M B Leasing and Panasian Power were two of the most actively traded stocks for the day.