Foreign interest drives CSE higher amid thin volumes

Sri Lanka, May 29 (Capital Leads) – The daily market turnover of the Colombo Stock Exchange (CSE) declined to a tenth of yesterday amid thin volumes as the market edged higher driven by foreign buying in John Keells Holdings (JKH). 

The broad market All Share Price Index (ASPI) picked up 26.34 points to stand at 5,319.83 points, a gain of 0.50 percent from yesterday. Meanwhile, more liquid S&P SL20 Index moved 15.24 points higher to reach 2,479.39 points, a gain of 0.62 percent from the previous session.

With no off-board transactions, only 6.5 mn shares changed hands in total today, while the daily turnover declined to LKR181.4 mn (USD1.0 mn), nearly a third of the YTD average daily market turnover of LKR558.0 mn (USD3.2 mn).

Making up 29 percent of the day’s turnover, Central Finance (CFIN) led the turnover generation as the stock stood up 0.12 percent amid local investor interest. Meanwhile, John Keells Holdings (JKH) followed up with 24 percent of contribution to move 0.29 percent higher amid local selling and foreign buying.

Furthermore, Banks, Finance, and Insurance stocks spearheaded the sectoral turnover generation with 49 percent contribution ahead of Diversified Holdings, which made up 31 percent.

Driven by foreign investor interest in John Keells Holdings (JKH), net foreign inflow continued for the third straight session as overseas investors bought shares worth a net LKR35.3 mn (USD0.2 mn), narrowing the YTD net foreign outflow to LKR5.6 bn (USD31.9 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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