Market slumps to over five-and-half-year low

Sri Lanka, Mar 12 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) declined for the third consecutive session today as the main All Share Price Index (ASPI) hovered around a five-and-half-year low.

The ASPI lost 33.52 points to close, 0.59 percent lower than yesterday at 5,646.78 points, its lowest close since September 09, 2013. Meanwhile, more liquid S&P SL20 Index dropped 22.44 points, to reach 2,795.88 points, a decline of 0.80 percent from the previous session.

Off-board transactions made up 28 percent of total turnover today with 7.6 mn shares of Distilleries Company (DIST) trading at LKR14.5 per share. While the total number of shares traded for the day stood at 17.5 mn, daily market turnover remained at LKR390.6 mn (USD2.2 mn), well below the YTD average daily turnover of LKR688.6 mn.

With 36 percent of contribution to the total turnover, Distilleries Company (DIST) led the turnover generation as the stock, driven by foreign selling, dipped 2.03 percent during the day. Both L B Finance (LFIN) and Sampath Bank (SAMP), contributing 16 percent and 11 percent to the day’s turnover respectively, witnessed foreign inflow as the former remained steady while the latter dropped 2.51 percent in value.

Furthermore, the sector of Beverage, Food and Tobacco made the highest sectoral contribution to the turnover with 44 percent ahead of 34 percent from Banks, Finance and Insurance stocks.

Foreign inflow from L B Finance (LFIN) and Sampath Bank (SAMP) failed to offset outflow from Distilleries Company (DIST) as net foreign selling for the day reached LKR10.8 mn (USD0.1 mn), extending the YTD net foreign outflow to LKR5.9 bn (USD33.2 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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