Singer and JKH lifts weekly turnover to over one-month high

Sri Lanka, Oct 19 (Insights Equity) – The weekly turnover of Colombo Stock Exchange (CSE) reached its highest in more than a month driven by off-board transactions in Singer Sri Lanka (SINS) and John Keells Holdings.

ASPI drops nearly one percent: Losing 53.94 points during the week, the broad-market All Share Price Index (ASPI) closed at 5,761.09 points, 0.93 percent lower than the previous week’s close, while more liquid S&P SL20 Index shed 14.07 points to end at 2,932.56 points, 0.48 percent lower than the week before.

Turnover nearly trebles from previous week: The turnover jumped nearly three times from the week before to stand at LKR4.3 bn (USD25.6 mn), its highest since the second week of September 2018, as first two sessions of the week, backed by off-board transactions in SINS and JKH, witnessed over LKR1.5 bn of turnover.

On Monday, Hayleys PLC, generating 84 percent of daily turnover, acquired a stake in Singer (Sri Lanka) held by its former major shareholder, Retail Holdings (Sri Lanka) BV, while JKH on Tuesday, driven by local investor interest, accounted for 81 percent of the daily turnover through twelve crossings.

However, amid thin volumes in the last two sessions, the number of shares transacted during the week stood at 95.9 mn, only 21 percent improvement from the week before.

Net foreign outflow crosses LKR9.0 bn YTD: Meanwhile, weekly net foreign selling jumped nearly five times from the previous week to reach LKR2.4 bn (USD13.9 mn) amid local investor interest in SINS and JKH as year-to-date net foreign outflow stood at LKR9.3 bn (USD227.4 mn).

SINS leads the turnover generation: Declining 1.7 percent over the week, SINS led the weekly turnover generation with 38 percent of contribution followed by JKH which, gaining 1.1 percent during the week, accounted for 35 percent of turnover.

Furthermore, sector of trading, led by SINS, spearheaded the sector-wise contribution to the turnover with 38 percent, slightly ahead of diversified holdings.

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