Losses in CSE as foreign selling picks up

Sri Lanka, Apr 13 (Capital Leads) – Both indices of the Colombo Stock Exchange fell on Thursday as the foreign outflow in the market picked up amid sizable foreign selling in John Keells Holdings (JKH) and Dialog Axiata (DIAL).

The broad market All Share Price Index (ASPI) lost 7.47 points to stand at 5,576.11 points, a decline 0.13 percent from the previous session. Meanwhile, more liquid S&P SL20 Index, with a decrease of 0.15 percent, edged down 3.96 points to reach 2,717.09 level. With only half day of trading to be conducted on Friday, the market would be closed for trading on Monday as Sri Lanka Celebrates the National New Year over the weekend.

Trading 11.2 mn shares off-board, Dialog Axiata (DIAL) and John Keells Holdings (JKH) witnessed the two crossings today which together made up 28 percent of the day’s turnover. While the total number of shares traded reached 26.2 mn, the day’s turnover stood at LKR459.7 mn (USD2.6 mn), nearly three-quarters of the YTD average daily turnover of LKR617.8 mn (USD3.5 mn).

Closing firm at the end of the session, Dialog Axiata (DIAL), driven by foreign selling, led the turnover generation with 36 percent of contribution as 11.0 mn of its shares traded off-board at LKR9.1 apiece. Trading 0.2 mn shares through negotiated settlements at LKR151.5 per share, John Keells Holdings (JKH) contributed 27 percent of the day’s turnover as the stock slumped 0.98 percent amid foreign selling.

Furthermore, the sector of Telecommunications made the highest sector-wise contribution of 36 percent followed by 33 percent from Diversified Holdings.

With foreign selling in John Keells Holdings (JKH), Dialog Axiata (DIAL) and Access Engineering (AEL), net foreign selling in the market stood at LKR164.9 mn (USD0.9 mn), extending the YTD net foreign outflow to LKR6.1 bn (USD34.7 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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