Sri Lankan shares extend losses for the third straight session

Sri Lanka, Oct 11 (Capital Leads) – Losses continued for the third consecutive session in the Colombo Stock Exchange (CSE) today as foreign selling was witnessed in Ceylon Tobacco Company (CTC) and Sampath Bank (SAMP).

ASPI sheds 0.6 percent: The All Share Price Index (ASPI) declined 33.54 points to close the session at 5,838.48 points, 0.57 percent lower from yesterday, while S&P SL20 Index, where the largest and most liquid stocks are included, lost 34.34 points to reach 2,965.82 points, 1.14 percent weaker from the previous session.

Low market turnover amid thin volumes: The market turnover stood at LKR301.8 mn (USD1.8 mn), less than half the year-to-date average daily turnover of LKR766.8 mn (USD4.5 mn) as only 9.6 mn shares transacted despite one off-board transaction where 24,214 of CTC shares changed hands at LKR1,350.0.

Net foreign outflow resumes: Despite witnessing net foreign inflow for the first time in fifteen sessions yesterday, net foreign outflow returned to the market today as overseas investors sold shares worth a net LKR50.2 mn (USD0.3 mn), extending the year-to-date net foreign outflow to LKR6.6 bn (USD38.8 mn).

Sampath Bank leads the turnover generation: With 63 percent of contribution to the total turnover, Sampath Bank led the turnover generation amid foreign selling as the stock plunged 3.3 percent, while CTC, making up 11 percent, witnessed heavy foreign selling, despite ending the day firmer.

Meanwhile, banks, finance and insurance stocks spearheaded the sector-wise contribution to the turnover with 68 percent, followed by beverage, food and tobacco sector which made up 16 percent.

Furthermore, Nation Lanka Finance and The Finance Company (non-voting) were among the highest gainers in the market today while Anilana Hotels and Properties and Dialog Axiata were two of the most actively traded counters of the day.

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