Shares fall for the third consecutive session

Sri Lanka, Feb 01 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) fell for the third straight session today as market turnover almost doubled amid improved off-board contribution.

Losing 0.13 percent from yesterday, the All Share Price Index (ASPI) edged down 7.85 points to close the session at 5,982.05 points, while more liquid S&P SL20 Index, dipping 0.04 percent, ended 1.25 points lower to reach 3,072.46 points.

Backed by five crossings from Ceylon Tobacco (CTC), Piramal Glass (GLAS) and Commercial Bank (COMB), the off-board contribution to the turnover improved to 55 percent from 31 percent yesterday.

Meanwhile, the daily turnover improved to LKR810.6 mn (USD4.6 mn), well-above the YTD average daily turnover of LKR589.4 mn (USD3.3 mn) as the total number shares transacted stood at 19.2 mn.

With two crossings of 0.2 mn shares trading off-board at LKR1,420.0 per share, Ceylon Tobacco (CTC) led the turnover generation for the second consecutive session with 30 percent of contribution, followed by 26 percent from Commercial Bank (COMB) where 1.8 mn shares transacted off-board at LKR114.0 apiece.

Meanwhile, Banks, Finance and Insurance stocks made the highest sector-wise contribution to the turnover with 33 percent, followed by 32 percent from Beverage, Food and Tobacco stocks.

Driven by foreign selling in JKH, the net foreign selling more than doubled from yesterday to stand at LKR165.7 mn (USD0.9 mn), as YTD net foreign outflow expanded to LKR2.5 bn (USD14.0 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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