Foreign buying in Sampath as CSE ends firm

Sri Lanka, Mar 29 (Capital Leads) – The Colombo Stock Exchange (CSE) continued yesterday’s positive momentum for the second straight session today as stocks held firm amid foreign investor interest in Sampath Bank (SAMP).

The broad market All Share Price Index (ASPI) edged marginally higher by 0.96 points to stand at 5,557.24 points, a gain of 0.02 percent from yesterday. Meanwhile, more liquid S&P SL20 Index, climbing 2.46 points higher, reached 2,738.95 points, an increase of 0.09 percent.

With no off-board transactions, the total number of shares traded stood at 9.3 mn shares, compared to 16.3 mn of YTD average daily share volume. The market turnover for the day reached LKR326.6 mn (USD1.9 mn), nearly half of the YTD average daily market turnover of LKR651.0 mn (USD3.7 mn).

Sampath Bank (SAMP) led the turnover generation with 34 percent of contribution as the stock, driven by foreign investor interest, ended the session 1.12 percent higher. Contributing 28 percent to the turnover, John Keells Holdings (JKH) closed the session unchanged amid foreign selling.

Meanwhile, the sector of Banks, Finance, and Insurance spearheaded the sectoral turnover generation with 43 percent ahead of Diversified Holdings which made up 36 percent.

The market witnessed net foreign inflow today after four straight sessions of outflows as overseas investors bought shares worth a net LKR101.3 mn (USD0.6 mn), narrowing the YTD net foreign outflow to LKR6.1 bn (USD34.8 mn).

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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