Following back-to-back weekly gains, CSE ends the week in red

Sri Lanka, Nov 10 (Capital Leads) – After two consecutive weeks of gains, the Colombo Stock Exchange (CSE) ended the four-day trading week in negative territory this week as the market witnessed heavy foreign outflow led by significant foreign selling in John Keells Holdings (JKH).

All four sessions of the week witnessed market turnover exceeding LKR1 bn to edge up on Friday after four straight sessions of losses.

ASPI witnesses the sharpest one-day loss: Having lost 1.24 percent on Tuesday, its sharpest daily loss for the year, the broad market All Share Price Index (ASPI) dropped 113.58 points over the week to reach 5,978.63 points, a 1.86 percent loss from the week before.

Meanwhile, S&P SL20 Index where the largest and most liquid stocks are included, fell 114.22 points to close the week at 3,094.21 points, 3.56 percent weaker from the previous week.

Contribution from off-board trades drop: With only 19 percent of turnover made up of off-board trades compared with 58 percent of the week before, the market turnover of the holiday-shortened week dropped nearly a fifth from the previous week to reach LKR7.8 bn (USD44.7 mn).

Meanwhile, 95.8 mn shares changed hands as average weekly market turnover for the year stood at LKR3.9 bn (USD22.1 mn).

Net foreign selling continues for the eleventh consecutive week: Driven by heavy foreign selling in JKH where overseas investors offloaded billions of LKR worth of stocks, the week’s net foreign selling reached LKR3.9 bn (USD22.4 mn), nearly unchanged from the previous week.

Generating two third of weekly turnover, JKH plunges nearly four percent: Leading the turnover generation with 67 percent of contribution, JKH dropped 3.97 percent over the week while National Development Bank (NDB) witnessed local selling contributing 10 percent to the turnover as the stock lost 4.76 percent.

Diversified holdings falling 3.44 percent in index value, spearheaded the sector-wise contribution to the turnover with 68 percent while banks, finance and insurance sector having lost 2.68 percent followed up with 21 percent of turnover.

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