Sri Lankan shares rally for the third straight session

Sri Lanka, Oct 05 (Insights Equity) – The Colombo Stock Exchange continued the positive momentum for the third consecutive session today posting its highest close in more than a week despite nearly 2-week-long net foreign outflow.

Both indices up nearly 1 percent: The All Share Price Index (ASPI) gained 48.17 points, 0.83 percent higher than yesterday to stand at 5,883.77 points, its highest close since September 26, 2018 while S&P SL20 Index, where the largest and most liquid stocks are included, ended 1.07 percent higher as it gained 31.94 points to close the session at 3,010.60 points.

Turnover marginally improves as crossings make up 33 percent: With two crossings from Hatton National Bank (HNB), one each from John Keells Holdings (JKH) and Dialog Axiata (DIAL), off-market negotiated transactions accounted for 33 percent of the day’s turnover which stood at LKR350.6 mn (USD2.1 mn), nearly half of the year-to-date average daily turnover level of LKR777.3 mn (USD4.6 mn). Meanwhile, 10.8 mn shares changed hands today compared to 11.1 mn of yesterday.

Net foreign outflow continues for more than two weeks: Net foreign outflow continued for the thirteenth consecutive session today as overseas investors sold shares worth a net LKR30.2 mn (USD0.2 mn), expanding the year-to-date net foreign outflow to LKR6.5 bn (USD38.0 mn).

Diversified and banking stocks gain amid local buying: JKH, gaining nearly one percent in value driven by local buying, led the day’s turnover generation with 50 percent of contribution, while both HNB and Sampath Bank made up 12 percent and 8 percent respectively as both stocks gained close to one percent each amid local buying.

The stocks of the diversified holdings spearheaded the sector-wise contribution to the turnover with 52 percent followed by banks, finance and insurance stocks which collectively made up 26 percent.

Furthermore, Adam Capital and Nation Lanka Finance were two of the highest gainers in the market today while Browns Capital and Ambeon Holdings were two of the most actively traded counters of the day.

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