Off-board trading lifts stocks for the third straight session

Sri Lanka, Apr 02 (Capital Leads) – The main index of the Colombo Stock Exchange (CSE) climbed for the third straight session today as the market ended in a two-week high backed by off-board trading. Meanwhile, net foreign buying also continued for the third consecutive session amid foreign investor interest in John Keells Holdings (JKH).

With a gain of 0.19 percent from the previous session, the broad market All Share Price Index (ASPI) edged 10.66 points higher to stand at 5,578.43 points, its highest close since March 19, 2019. Meanwhile, more liquid S&P SL20 Index gained 14.28 points to reach 2,730.99 points, an increase of 0.53 percent from the previous session.

Hatton National Bank (HNB) and Sampath Bank (SAMP)) witnessed off-board transactions today which collectively contributed 73 percent of the day’s turnover. With 5.2 mn shares trading in total, the market turnover reached LKR433.7 mn (USD2.5 mn), more than two-thirds of the YTD average daily turnover of LKR644.1 mn (USD3.7 mn).

Hatton National Bank (HNB), gaining 5.38 percent in value, made the highest contribution to the turnover today backed by 1.6 mn shares trading off-board at LKR176.0 per share. Meanwhile, LOLC Holdings (LOLC) amid local selling declined 0.77 percent as the stock made up 9 percent of the day’s turnover. Despite foreign investor interest, John Keells Holdings (JKH) stood unchanged also contributing 9 percent to the total turnover.

Furthermore, the sector of Banks, Finance and Insurance spearheaded the sectoral contribution to the turnover with 85 percent ahead of 10 percent generated from Diversified Holdings.

Recording the third straight session of net foreign inflow, foreign investors bought shares worth a net LKR16.8 mn (USD0.1 mn), narrowing the YTD net foreign outflow slightly to LKR5.7 bn (USD32.5 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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