Market reaches a three-week high amid local buying

Sri Lanka, Jan 29 (Capital Leads) – The broad market All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) closed at a three-week high today as stocks posted the highest daily gain for the year amid local investor interest in Central Finance (CFIN).

Gaining 0.40 percent from yesterday, the ASPI increased 23.66 points to close the session at 5,997.12 points, its highest close since January 07, 2019, while more liquid S&P SL20 Index, standing a 0.99 percent higher, inched up 30.27 points to reach 3,082.52 points.

Backed by five crossings from Central Finance (CFIN), Ceylon Cold Stores (CCS) and Ceylinco Insurance (CINS), the off-board contribution to the turnover reached 58 percent while the turnover for the day reached LKR841.9 mn (USD4.6 mn), well-above the YTD average daily turnover of LKR577.8 mn (USD3.2 mn).

With 3.7 mn shares changing hands off-board at LKR100.0 per share, Central Finance (CFIN) led the turnover generation with 47 percent of contribution, followed by Browns Investments (BIL) which made up 21 percent.

Meanwhile, the Banks, Finance and Insurance stocks made the highest sector-wise contribution, with 68 percent of total turnover, followed by 23 percent from Diversified Holdings.

Amid local investor interest in CFIN, the market witnessed net foreign outflow today as foreigners sold shares worth a net LKR382.1 mn (USD2.1 mn), extending the YTD net foreign outflow to LKR2.3 bn (USD12.5 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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