Stocks close firm in thin trading volumes

Sri Lanka, Feb 13 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) closed firm today in thin trading as foreign investor interest in Ceylon Tobacco (CTC) and Melstacorp (MELS) brought net foreign inflows.

The broad market All Share Price Index (ASPI) gained 0.26 points to close at 5,930.47 level while more liquid S&P SL20 Index edged 0.03 points higher to reach 3,040.65 points.

Amid three crossings of 0.4 mn shares from John Keells Holdings (JKH) and Ceylon Tobacco (CTC), the off-board transactions contributed 61 percent of total daily turnover today. With only 6.5 mn shares changing hands, turnover dropped to LKR278.7 mn (USD1.6 mn), well-below the YTD average daily turnover of LKR675.3 mn (USD3.8 mn).  

CTC led the turnover generation with 45 percent of contribution as the stock closed firm amid two of its crossings where 0.1 mn shares traded off-board at LKR1,420.0 per share. Meanwhile, JKH, contributed 18 percent. losing 0.45 percent in value as 0.3 mn of its shares traded off-board at LKR154.0 apiece.

Furthermore, the Beverage, Food and Tobacco stocks led the sector-wise contribution to the turnover with 50 percent, ahead of 30 percent made up of Diversified Holdings.

Led by foreign buying in CTC and MELS, the market witnessed a net foreign inflow of LKR83.4 mn (USD0.5 mn) today after two consecutive sessions of net outflows during the week. The YTD net foreign outflow meanwhile contracted to LKR4.7 bn (USD26.3 mn) as YTD average net outflow stood at LKR161.6 mn (USD0.9 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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