Diversified sector plunges as CSE ends in a near two-week closing low

Sri Lanka, Nov 09 (Capital Leads) – The Colombo Stock Exchange (CSE) dropped nearly one percent today to reach its lowest close in nearly two weeks as the sector of diversified holdings led by John Keells Holdings (JKH) fell over two percent.

ASPI edges down nearly one percent: The broad market All Share Price Index (ASPI) declined for the fourth consecutive session losing 56.62 points to close the day at 5,930.59 points, 0.95 percent weaker from the previous session recording its lowest close since October 26, 2018.

Meanwhile, more liquid S&P SL20 dipped 1.51 percent from the previous session to stand at 3,063.82 points, 46.82 points lower.

Turnover exceeds LKR1bn backed by on-board trades: Despite four crossings from Chevron Lubricants (LLUB) and Three Acre Farms (TAFL), 90 percent of the day’s turnover was made up of on-board trades driving turnover to reach LKR1.1 bn (USD6.2 mn) with year-to-date average turnover standing at LKR818.1 mn (USD4.7 mn).  Moreover, 16.3 mn of shares changed hands in total while 1.5 mn share traded off-board.

Foreign selling in JKH as net foreign outflow exceeds USD2 mn: Amid foreign selling in JKH, the day’s net foreign selling stood at LKR405.8 mn (USD2.3 mn) as year-to-date net foreign outflow stood at LKR16.9 bn (USD96.8 mn).

JKH makes up nearly two thirds of turnover; falls more than one percent: Falling 1.72 percent during the day, JKH led the turnover generation with 65 percent of contribution followed by Chevron Lubricants making up 13 percent as the stock fell 2.65 percent driven by local selling.

Meanwhile, Vallibel Finance (VFIN) contributing 2 percent to the turnover edged up 0.57 percent driven by foreign investor interest.

Declining 2.17 percent in index value, the sector of diversified holdings made up the highest sector-wise contribution to the turnover with 66 percent followed by manufacturing sector which declined 1.26 percent to make up 15 percent of the turnover.

Furthermore, SMB Leasing and Ambeon Capital were among the top gainers of the market today while Dialog Axiata and Panasian Power were the most actively traded counters of the day.

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