Local selling lifts turnover in CSE

Sri Lanka, May 14 (Capital Leads) – Despite witnessing the sharpest daily loss in three weeks, the market turnover improved in the Colombo Stock Exchange (CSE) today amid local selling in John Keells Holding (JKH) and Commercial Bank (COMB).

The broad market All Share Price Index (ASPI) lost 83.51 points to stand at 5,223.69 points, a decline of 1.57 percent, its sharpest one-day loss since April 23rd. Meanwhile, losing 52.75 points from yesterday, more liquid S&P SL20 Index reached 2,459.15 level, a decline of 2.10 percent.

Both Commercial Bank (COMB) and John Keells Holdings (JKH) witnessed off-board trades today which made up 25 percent of the turnover while 15.0 mn shares changed hands in total, mostly in line with the daily average. The market turnover increased more than three times from yesterday to stand at LKR574.6 mn (USD3.3 mn), slightly ahead of the YTD average daily turnover of LKR557.8 mn (USD3.2 mn).

Local selling in Commercial Bank (COMB) and John Keells Holdings (JKH) dragged the stocks down 0.74 percent and 0.11 percent respectively as the former led the turnover generation with 48 percent of contribution while the latter made up 23 percent. Furthermore, Diversified Holdings made the highest sector-wise contribution of 50 percent today, followed by 39 percent from Banks, Finance and Insurance stocks.

The market witnessed net foreign buying today for the fifth consecutive session today as foreigners bought shares worth a net LKR190.6 mn (USD1.1 mn), narrowing the YTD net foreign outflow to LKR4.2 bn (USD23.9 mn). 

Click here to read CSE update for April 2019.

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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