Foreign interest drives CSE higher amid thin trading

Sri Lanka, Apr 30 (Capital Leads) – Despite thin volumes, the Colombo Stock Exchange (CSE) posted the highest daily gain in nearly three weeks today amid continuing foreign investors interest.  

The broad market All Share Price Index (ASPI) increased 35.10 points, its highest since April 04, to stand at 5,478.41 points, a gain of 0.64 percent from yesterday. Meanwhile, more liquid S&P SL20 Index moved 14.09 points higher to reach 2,627.46 points, an increase of 0.54 percent from the previous session.

With Ceylon Tobacco (CTC) witnessing the only off-board transaction making up 15 percent of the total turnover, only 3.6 mn shares changed hands in total today, the second lowest daily volume for the year so far. The daily market turnover meanwhile slightly improved to LKR197.6 mn (USD1.1 mn), a third of the YTD average daily market turnover of LKR591.9 mn (USD3.4 mn).

Making up 21 percent of the day’s turnover, Ceylon Tobacco (CTC) led the turnover generation as the stock transacting 22k shares off-board at LKR1,300.0 apiece gained 3.17 percent driven by foreign buying. John Keells Holdings (JKH) closing 2.18 percent higher amid foreign interest followed up with 16 percent of contribution while Convenience Foods (SOY) lost 18.67 percent as overseas investors offloaded the stock generating six percent of the day’s turnover.

Furthermore, Banks, Finance and Insurance sector stocks, with 44 percent contribution to the turnover, spearheaded the sectoral turnover generation ahead of 28 percent from the Beverage, Food and Tobacco stocks.

Net foreign inflow continued for the second straight session as overseas investors bought shares worth a net LKR39.9 mn (USD0.2 mn), narrowing further the YTD net foreign outflow to LKR4.4 bn (USD24.8 mn).

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