Market ends firm as foreign outflow accelerates

Sri Lanka, Feb 05 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) closed firm today as foreign investors offloaded John Keells Holdings (JKH), resulting foreign outflow to pick up the third consecutive session.

Dipping 0.01 percent from the previous session, the All Share Price Index (ASPI) closed flat today losing 0.40 points to reach at 5,981.65 points, while more liquid S&P SL20 Index, edged down 0.07 percent, to stand at 3,074.62 points, 2.16 points lower from the previous close.

With only a single crossing from Commercial Bank (non – voting) (COMB.X) where 0.3 mn of its shares traded off-board at LKR97.8 apiece, the off-board contribution to the turnover declined to 7 percent from 45 percent of the previous session.

Meanwhile, the daily market turnover reached LKR401.5 mn (USD2.3 mn) as YTD average daily turnover narrowed to LKR581.3 mn (USD3.3 mn) with only 6.5 mn shares changing hands today.

Ending the session flat, JKH made the highest contribution to the turnover with 63 percent while Diversified Holdings led the sector-wise contribution with 68 percent followed by banks, finance and insurance stocks which made up 21 percent.

Driven by foreign selling in JKH, the daily net foreign outflow reached LKR260.8mn (USD1.5 mn), as YTD net foreign outflow expanded to LKR2.7 bn (USD15.5 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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