Sri Lankan shares edge up one percent; snaps losing streak

Sri Lanka, Sep 26 (Insights Equity) – The Colombo Stock Exchange edged up today following three consecutive sessions of losses as net foreign outflow further tapered off ahead of a key policy statement by the US Federal Reserve announcing a revision to the US short term interest rates.

ASPI posts the second sharpest daily gain for the year: The broad market All Share Price Index (ASPI) recorded the second highest daily gain for the year as it ended 53.94 points higher to end the session at 5,887.52 points, 0.92 percent above the previous close.

Meanwhile, S&P SL20, where the largest and most liquid stocks are included, rose 40.29 points to stand at 3,019.58, up 1.35 percent from yesterday.

With only a single crossing, market turnover remains below average: With 12.2 mn shares changing hands, daily market turnover reached LKR318.5 mn (USD1.9 mn), well-below the year-to-date daily average turnover of LKR790.6 mn (USD4.7 mn) as the off-market transactions made up only 17 percent of the day’s turnover.

Net foreign outflow further tapers off: Extending the year-to-date foreign outflow to LKR6.0 bn (USD35.4 mn), overseas investors sold shares worth a net LKR49.6 mn (USD0.3 mn), 19 percent decline from yesterday.

Net foreign outflow further contracted today as investors awaited a key policy announcement by the US Federal Reserve which is widely expected to raise short term interest rates for the third time of the year.

Sampath Bank spearheads turnover generation for the second straight session: With a contribution of 28 percent, Sampath Bank led the turnover generation, as the stock, backed by local buying, gained 1.3 percent during the day.

Driven by the crossing where 0.5 mn of its shares changed hands at LKR113.0, Commercial Bank made up 20 percent of the day’s turnover while Chevron Lubricants, backed by foreign buying, contributed 13 percent as the stock edged up 1.3 percent during the day.

 Furthermore, Tess Agro (non-voting) and MTD Walkers were among the highest gainers of the market today, while Anilana Hotels & Properties and Teejay Lanka were two of the most actively traded stocks during the day.GraphOverviewTables

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