Local buying in JKH as CSE crosses LKR 1bn in turnover

Sri Lanka, Oct 25 (Capital Leads) – For the third time in two weeks, the Colombo Stock Exchange (CSE) crossed LKR1bn mark in turnover today as John Keells Holdings (JKH), driven by local investor interest, contributed more than 90 percent of the turnover.

ASPI ends two straight sessions of gains: Capping two consecutive sessions of gains, the All Share Price Index (ASPI) dropped 1.98 points to stand at 5,768.54 points, 0.03 percent lower than the previous session while more liquid S&P SL20 Index dipped 4.58 points to reach 2,927.65 points, 0.16 percent weaker.

Crossings from JKH drive 85 percent of turnover: Amid eleven crossings from JKH, today’s turnover reached LKR1.3 bn (USD7.3 mn), well-above the year-to-date daily average turnover of LKR764.6 mn (USD4.4 mn) as off-board transactions made up 85 percent of total turnover.

However, the number of shares transacted stood at 13.8 mn, below the year-to-date average share volume of 24.3 mn as 8.0 mn shares of JKH transacted off-board at LKR133.7-LKR135.0

JKH generates more than 90 percent of turnover: Gaining 1.7 percent during the day, JKH dominated the turnover generation with a contribution of 90 percent driven by local investor interest, while other top four turnover generators, led by Tokyo Cement (non-voting), collectively made up only 5 percent of the day’s turnover.

Moreover, diversified holdings, edging up 0.4 percent in index value, spearheaded the sector-wise contribution to the turnover with 91 percent as banks, finance and insurance stocks, declining 0.2 percent, made up 4 percent.

Net foreign outflow reaches the highest in more than a week: Amid strong turnover, net foreign selling reached LKR277.5 mn (USD1.6 mn), its highest since October 16, 2018, as year-to-date net foreign outflow in CSE stood at LKR9.7 bn (USD56.4 mn).

Furthermore, Adam Investments and Lanka Realty Investments were among the highest gainers in the market today while Amana Bank and Expolanka Holdings were two of the most actively traded counters during the day.

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