Local buying in JKH lifts CSE to end losing streak

Sri Lanka, May 16 (Capital Leads) – The Colombo Stock Exchange (CSE) ended ten straight sessions of losses today as John Keells Holdings (JKH) generated more than three-quarters of the turnover driven by local buying.

The broad market All Share Price Index (ASPI), posting its sharpest gain since April 04, 2019, edged up 51.81 points to stand at 5,251.79 points, an increase of 1.00 percent from the previous session. More liquid S&P SL20 Index meanwhile stood 13.33 points higher to reach 2,454.73 points, a gain of 0.55 percent from the previous session.

With no off-board trading, the total number of shares traded reached 11.9 mn while the market turnover stood at LKR552.4 mn (USD3.1 mn), almost in line with the YTD average daily turnover at LKR555.8 mn (USD3.2 mn).

John Keells Holdings (JKH) enticed local buying today as the stock gained 0.37 percent to contribute 78 percent to the turnover. Meanwhile, East West Properties (EAST) lost 52.94 percent as the stock reached its ex-dividend date today. Last week, the company declared LKR8.50 per share of dividends, one of the largest declared by a CSE-registered company in recent history.

Furthermore, Diversified Holdings spearheaded the sector-wise turnover generation with 79 percent of contribution followed by 11 percent from the Banks, Finance, and Insurance sector.

Amid foreign selling in John Keells Holdings (JKH), the net foreign outflow in the market more than doubled from yesterday to reach LKR358.0 mn (USD2.0 mn), extending the YTD net foreign outflow to LKR4.7 bn (USD26.9 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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