Sixth straight weekly loss as stocks hover over six-year

Sri Lanka, Mar 23 (Capital Leads) – Recording its sixth consecutive weekly loss, the Colombo Stock Exchange (CSE) slumped further this week with four back-to-back daily losses to close at more than six-year low by the end of the week.

The broad market All Share Price Index (ASPI) dropped 76.19 points, 1.36 percent lower than the previous week to reach 5,540.05 points by Friday, its lowest close since December 24, 2012. Meanwhile, the S&P SL20 Index, with a weekly decline of 1.31 percent, edged down 36.16 points to reach 2,724.94 points by the week’s close.

With 19 percent of contribution from off-board transactions, the weekly turnover dropped 44 percent from the week before to reach LKR1.9 bn (USD10.7 mn), as the market witnessed only four days of trading during the week. The YTD market turnover expanded to LKR36.2 bn (USD203.7 mn), while the total number of shares traded for the week stood at 59.1 mn.

Hatton National Bank (HNB) topped the weekly contribution to the turnover with 32 percent as the stock dipped 0.11 percent over the week while Hemas Holdings (HHL), losing 0.53 percent in value, followed up with 12 percent of weekly turnover amid foreign selling.

Furthermore, the Banks, Finance and Insurance stocks spearheaded the sector-wise contribution to the turnover with 59 percent, ahead of Diversified Holdings which made up 21 percent.

Amid sizable foreign outflow from Hemas Holdings (HHL) and John Keells Holdings (JKH), the weekly net foreign outflow reached LKR80.5 mn (USD0.5 mn), extending the YTD net foreign selling to LKR6.0 bn (USD33.6 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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