Sri Lanka, Mar 20 (Capital Leads) – Despite sharp losses in both market indices, the Sri Lankan equity market witnessed improved turnover in February 2019, according to its latest monthly report published by the Colombo Stock Exchange (CSE).
The broad market All Share Price Index (ASPI) and S&P SL20 Index fell by 2.90 percent and 3.08 percent respectively from January 2019 as the Price-to-Earnings (PER) ratio of the market as a whole dropped even further to 9.1x during the month from 9.4x reported a month ago.
The turnover for the month meanwhile picked up by 16.8 percent from January 2019 to reach LKR14.2 bn (USD79.6 mn), as the number of shares transacted increased 6.7 percent to stand at 350.4 mn shares.
However, the cumulative market turnover for the first two months of the year slipped to LKR26.4 bn (USD147.9 mn), compared to LKR37.0 bn (USD207.5 mn) recorded for the same period last year. Meanwhile, the average daily turnover during the first two months witnessed a 31 percent slump to LKR675.5 mn (USD3.8 mn) from the same period last year.
However, the net foreign selling for the month reached LKR2.6 bn (USD14.9 mn) in contrast to LKR2.0 bn (USD11.4 mn) of inflow in January 2018. Cumulatively, foreign investors sold shares worth a net LKR4.9 bn (USD27.5 mn), compared to net foreign buying of LKR6.1 bn (USD34.0 mn) during the same period last year.