Driven by JKH, turnover near two-month high

Sri Lanka, Feb 11 (Capital Leads) – Despite ending the session on a mixed note, the Colombo Stock Exchange (CSE) posted the highest daily turnover in nearly two months today. Local buying dominated the trading as the market witnessed the highest net foreign outflow for the year so far.

Losing 0.06 percent from the previous session, the All Share Price Index (ASPI) edged down 3.52 points to reach 5,960.62 points, while more liquid S&P SL20 Index, gained 4.34 points to close at 3,062.41 points, 0.14 percent higher than the previous session.

Driven by nine crossings from John Keells Holdings (JKH), Asiri Hospital (ASIR), and Cargills (CARG), the off-board transactions made up 43 percent of total daily turnover. While 52.1 mn shares traded in total, the daily turnover reached 3.3 bn (USD18.8 mn), its highest since December 19, 2018, and nearly five times the YTD average daily turnover of LKR675.4 mn (USD3.8 mn).

Gaining 1.0 percent during the day, John Keells Holdings (JKH) made the highest contribution to the turnover with 39 percent as 8.3 mn of its shares traded off-board at LKR156.0 per share. Meanwhile, C T Holdings (CTHR) closing 0.3 percent higher made 22 percent to the turnover today followed by Asiri Hospital (ASIR) which made up 22 percent. ASIR shares closed firm with 30 mn of its shares trading off-board at LKR4.1 per share.

Led by local investor interest in JKH, net foreign outflow, exceeding LKR1 bn for the first time in the year so far, reached LKR1.2 bn (USD6.6 mn) as YTD foreign outflow expanded to LKR4.5 bn (USD25.4 mn).

Meanwhile, the Price-to-Earnings (PER) ratio of Sri Lankan stocks dropped to 9.4x in January from 9.7x reported last December, according to the monthly report published by the Colombo Stock Exchange (CSE) for January 2019. Read the full article here.

Disclosure: I/We have no investments in the stocks mentioned in the above article and don’t intend to open any within the next 72 hours. I wrote this article for myself, and it expresses my opinion. I/We receive no compensation, nor do I/We have any business relationship with any companies whose stocks are mentioned in the article.

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