Shares gain slightly amid low turnover

Sri Lanka, Feb 14 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) ended marginally higher for the second straight session as the market witnessed the second lowest turnover for the year amid thin trading.

Gaining 0.03 percent from yesterday, the All Share Price Index (ASPI) stood up 1.98 points to reach the level of 5,932.45, while more liquid S&P SL20 Index, edged 2.76 points higher to close at 3,043.41 points, 0.09 percent above the previous session.

Without any off-market negotiated settlements, the market turnover dropped to LKR160.3 mn (USD0.9 mn), the second lowest for the year and nearly a quarter of the YTD average daily turnover at LKR658.2 mn (USD3.7 mn).  Improving from 6.5 mn of yesterday, the number of shares traded stood at 8.3 mn, close to a half of this year’s average daily share volume of 16.0 mn shares.

Lion Brewery (LION) and John Keells Hotels (KHL) witnessed foreign investor interest as the former, gaining 1.72 percent in value, led the turnover generation with 26.3 percent of contribution, while the latter contributing 24.4 percent closed the session firm.

Furthermore, the Banks, Finance and Insurance stocks led the sector-wise contribution to the turnover with 32.3 percent, ahead of 31.9 percent from the sector of Beverage, Food, and Tobacco.

Net foreign buying continued for the second straight session today as foreigners bought shares worth a net LKR94.0 mn (USD0.5 mn), narrowing the YTD net foreign outflow to LKR4.6 bn (USD25.8 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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