Market ends flat amid local buying in LOLC

Sri Lanka, Feb 22 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) closed firm today as net foreign outflow accelerated for the third consecutive session.

The broad market All Share Price Index (ASPI) fell 1.32 points to reach 5,837.72 points, a decline of only 0.02 percent from yesterday. The more liquid S&P SL20 Index, with a gain of only 0.12 points, stood relatively unchanged at 2,977.47 points.

With two crossings from LOLC Holdings (LOLC) and Tokyo Cement (TKYO), the off-board transactions made up 74 percent of the total turnover which declined by almost 50 percent from yesterday to LKR489.3 mn (USD2.7 mn).  The YTD average daily turnover, therefore, narrowed to LKR654.5 mn (USD3.6 mn. while 12.2 mn of shares traded in total.

LOLC Holdings (LOLC), driven by local buying, led the turnover generation with 70 percent of contribution as the stock, transacting 3.8 mn shares off-board at LKR90.0 per share, gained 1.37 percent.

Furthermore, the Banks, Finance and Insurance stocks spearheaded the sectoral contribution to the turnover with 77 percent ahead of the manufacturing sector which made up 11 percent of the total turnover.

The market witnessed net foreign selling for the third straight session today as foreigners, amid local investor interest in LOLC, sold shares worth a net LKR300.2 mn (USD1.7 mn), extending the YTD net foreign outflow to LKR5.4 bn (USD30.2 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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