Sri Lanka, Mar 09 (Capital Leads) – Recording its fifth consecutive weekly loss, the Colombo Stock Exchange (CSE) slumped further from more-than-five-year low recorded in the week before as the Sri Lankan government presented the Budget 2019 during the week.
Having passed the Vote on Account for the first four months of the year back in December 2018, the government presented the budget for the last eight months on Tuesday immediately followed by declines in both indices on Wednesday amid lackluster trading.
The broad market All Share Price Index (ASPI) dropped 32.06 points, 0.56 percent lower than the previous week to reach 5,722.25 points by Friday, its lowest close since September 18, 2013. Meanwhile, the S&P SL20 Index with a decrease of 0.29 percent, edged down 8.45 points to close the week at 2,859.59 points.
With 15 percent of contribution from off-board transactions, the weekly turnover improved 10 percent to reach LKR4.2 bn (USD23.5 mn), as the market witnessed only four days of trading during the week. The YTD market turnover expanded to LKR30.9 bn (USD173.3 mn) while the total number of shares traded for the week stood at 65.3 mn shares.
John Keells Holdings (JKH) topped the weekly contribution to the turnover with 36 percent as the stock, driven by local investor interest, gained 0.06 percent over the week. Melstacorp (MELS) meanwhile lost 10.71 percent in value making up 24 percent of weekly turnover amid foreign selling.
Furthermore, the Diversified Holdings spearheaded the sector-wise contribution to the turnover with 60 percent, ahead of the Banks, Finance and Insurance stocks which made up 28 percent.
Amid sizable foreign outflow from JKH and MELS, the weekly net foreign outflow reached LKR1.0 bn (USD5.6 mn), extending the YTD net foreign selling to LKR5.9 bn (USD33.2 mn).
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