Sri Lanka, Feb 21 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) fell for the fourth straight session today despite market turnover exceeding LKR1 bn driven by off-board trading in the Kingsbury (SERV).
The broad market All Share Price Index (ASPI) lost 41.13 points to stand at 5,839.04 points, a decline of 0.70 percent from yesterday. The more liquid S&P SL20 Index meanwhile edging 29.06 points lower reached 2,977.35 points at the end of the session, a decline of 0.97 percent.
With crossings from The Kingsbury (SERV), Ceylon Tobacco (CTC) and Sampath Bank (SAMP), the off-board transactions making up 25.6 mn shares contributed 77 percent of total turnover. With a total of 35.2 mn shares trading, the daily market turnover improved to LKR1.0 bn (USD5.6 mn) today, well-above the YTD average daily turnover of LKR659.3 mn (USD3.7 mn).
The Kingsbury (SERV) led the turnover generation with 50 percent of contribution as the stock, transacting 25.0 mn shares off-board at LKR20.0 per share, ended the session firm. Sampath Bank (SAMP) followed up with a contribution of 23 percent as the stock, trading 0.5 mn shares off-board at LKR243.0 apiece, dropped 1.46 percent during the day driven by foreign selling.
Led by investor interest in the Kingsbury (SERV), Hotels and Travels sector spearheaded the sectoral contribution to the turnover with 50 percent ahead of Banks, Finance and Insurance stocks which made up 30 percent of total turnover.
The market witnessed net foreign selling today as foreigners sold shares worth a net LKR43.1 mn (USD0.2 mn), extending the YTD net foreign outflow to LKR5.1 bn (USD28.5 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.