Sri Lankan shares are firm as banking sector lifts turnover

Sri Lanka, Sep 11 (Insights Equity) – Sri Lankan stocks closed the session mostly stable today while banking sector stocks accounted for nearly three quarters of the day’s turnover, backed by foreign investor interest in Central Finance (CFIN).

ASPI closes tad lower; S&P SL20 gains in a week: The broad market All Share Price Index (ASPI) edged down marginally by 1.31 points to stand at 6,095.23 points, while more liquid S&P SL20 index, recording its first gain in five consecutive sessions, notched up nearly 5 points, to close the day at 3,202.74 points, 0.16 percent higher than yesterday.

Retail investor participation improves: With only three crossings, the day’s market turnover declined by nearly fifty percent from the level seen yesterday to reach LKR337.3 mn (USD2.1 mn), well-below the year-to-date average daily turnover of LKR792.6 mn (USD4.9 mn) as retail investor participation made up nearly 65 percent of the day’s turnover.

Net foreign inflow reaches a near three-week high: The year-to-date net foreign outflow declined to LKR4.6 bn (USD28.3 mn) today as foreigners were net buyers purchasing stocks worth a net LKR74.7 (USD0.5 mn), the highest net foreign inflow since August 23, 2018.

Banking sector stocks advance driven by foreign buying in CFIN: Accounting for 72 percent of the day’s turnover, banking, finance & insurance stocks led the day’s turnover generation as Central Finance, driven by foreign buying, made up 24 percent of the day’s turnover. The stock witnessed one crossing where 0.5 mn stocks traded at LKR97.0, while Hatton National Bank and Commercial Credit & Finance generated one crossing each, contributing 21 percent and 8 percent to the day’s turnover respectively.

Moreover, SMB Leasing (non-voting) and Tess Agro were amongst the top gainers of the market today while Dialog Axiata and Anilana Hotels and Properties were two of the most active stocks for the day.

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Sources:
Colombo Stock Exchange – Daily and Monthly Reports
https://www.bloomberg.com
https://us.spindices.com
https://www.msci.com
Reporting by: Dulan Lokuwithana
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