Sri Lanka stocks decline amid improving turnover

Sri Lanka, Jan 12 (Capital Leads) – Despite a drop in the All Share Price Index (ASPI), weekly turnover of Colombo Stock Exchange (CSE) more than doubled from last week while foreign outflow picked up amid heavy foreign selling in blue-chip conglomerate John Keells Holdings (JKH).

Losing 100.39 points during the week, the broad-market All Share Price Index (ASPI) closed at 5,967.27 points, 1.65 percent lower than the previous week’s close, while more liquid S&P SL20 Index shed 69.14 points to end at 3,036.61 points, 2.23 percent lower than the week before.

The turnover more than doubled from last week to stand at LKR2.8 bn (USD15.2 mn), its highest in two weeks as crossings made up 35 percent of total weekly turnover. Meanwhile, the number of shares transacted stood at 45.3 mn shares, a 21 percent improvement from the previous week.

The weekly net foreign selling jumped more than seven times to reach LKR752.3 mn (USD4.1 mn) driven by heavy foreign selling in JKH and Commercial Bank (COMB) as year-to-date net foreign outflow extended to LKR894.4 mn (USD4.9 mn).

Declining 2.9 percent over the week, JKH led the weekly turnover generation with 40 percent of contribution followed by COMB which, accounting for 17 percent of turnover, dipped 0.9 percent by Friday. Furthermore, Sampath Bank and Hatton National Bank (HNB) made up 10 percent each as the former dropped 4.8 percent driven by foreign selling while the latter slipped 1.4 percent despite witnessing foreign buying.

The Diversified Sector spearheaded the sector-wise contribution to the turnover with 45 percent, ahead of Banks, Finance and Insurance stocks which made up 42 percent.

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