Net foreign inflow exceeds USD1 mn as CSE’s wild swings continue

Sri Lanka, Nov 07 (Capital Leads) – After a net foreign outflow exceeding USD18 mn last Monday, net foreign inflows reached USD1.7 mn in the Colombo Stock Exchange (CSE) today as the market, having recorded the sharpest year-to-date one-day gain last week, witnessed a steep decline today recording its highest daily loss for the year.

ASPI falls below 6,000 points: Witnessing the third consecutive decline, the broad market All Share Price Index (ASPI) dropped 1.24 percent to close the session at 5,987.21 points, a loss of 74.88 points from the previous session.

Meanwhile, more liquid S&P SL20 index closed 2.51 percent lower to reach 3,110.64 points, a drop of 79.94 points.

Off-board contribution picks up as turnover crosses LKR1 bn for the fifth straight session: Backed by off-board transactions making up 61 percent of turnover, the day’s market turnover topped LKR1 bn for the fifth consecutive session standing at LKR1.3 bn (USD7.5 mn) with 21.2 mn shares changing hands backed by 12 crossings of 8.5 mn shares.

Net foreign inflow crosses USD1 mn:  Having recorded LKR3.2 bn (USD18.1 mn) foreign outflow last Monday, the market posted LKR298.0 mn (USD1.7 mn) of net foreign buying today driven by foreign investor interest in National Development Bank (NDB) and Sampath Bank (SAMP) as the year-to-date net foreign outflow contracted to LKR16.5 mn (USD94.7 mn).

NDB leads turnover generation; declines over 4 percent: Edging down 4.40 percent today, NDB was the leading contributor to the turnover backed by five crossings of 5.0 mn shares trading at LKR100.0.

Meanwhile, John Keells Holdings (JKH) having declined 3.33 percent today followed up with 23 percent of contribution as 1.2 mn of its shares traded off-board at LKR145.0

Slipping 2.08 percent in sector index, diversified holdings led the sector-wise contribution to the turnover with 24 percent followed by manufacturing sector which made up 9 percent with an overall decline of 1.50 percent.

Furthermore, Lucky Lanka Milk Processing (non-voting) and The Fortress Resorts were the highest gainers of the market today while Tess Agro and Asia Asset Finance were two of the most actively traded counters for the day.

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