Market ends mixed amid foreign interest in KHL

Sri Lanka, Feb 26 (Capital Leads) – The Colombo Stock Exchange (CSE) witnessed a mixed performance today as the daily turnover further declined despite foreign investor interest in John Keells Hotels (KHL).

The broad market All Share Price Index (ASPI) lost 3.99 points to close, 0.07 percent lower than yesterday at 5,822.27 points, while the more liquid S&P SL20 Index gained 2.63 points, to reach 2,980.46 points, a gain of 0.09 percent.

Driven by three crossings of John Keells Hotels (KHL), the off-board transactions made up 38 percent of total turnover while the number of shares traded stood at 23.0 mn in total. Meanwhile, the daily turnover declined to LKR262.0 mn (USD1.5 mn), close to two-fifths of YTD average daily turnover at LKR646.9 mn (USD3.6 mn) and its lowest in four sessions.

Backed by three crossing where 13.2 mn of shares traded at LKR7.5 apiece, John Keells Hotels (KHL) led the turnover generation with a contribution of 39 percent as the stock gained 2.74 percent driven by foreign investor interest. Lack of foreign investor interest in Dialog Axiata (DIAL) continued as the stock, contributing 25 percent to the daily turnover, dropped 2.04 percent today.

Furthermore, the sector of Hotels and Travels spearheaded the sectoral contribution to the turnover with 39 percent ahead of 25 percent from the Telecommunications sector.

Recording net foreign inflow for the first time in four sessions, overseas investors bought shares worth a net LKR72.3 mn (USD0.4 mn) as YTD net foreign outflow narrowed to LKR5.4 bn (USD29.8 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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