Sri Lankan stocks snap week-long losses with strong turnover

Sri Lanka, Oct 16 (Capital Leads) – The Colombo Stock Exchange (CSE) ended five straight sessions of losses today recording gains in both indices as market turnover crossed the LKR1bn mark for the second consecutive session.

ASPI gains 0.37 percent: Capping a 2.28 percent of decline in five straight sessions, the broad market All Share Price Index (ASPI) edged up 21.65 points today, to stand at 5,796.02 points, 0.37 percent gain from yesterday.

Meanwhile, more liquid S&P SL20 Index gained 26.82 points to reach 2,935.90 points, 0.92 percent higher than yesterday.

Turnover crosses LKR1bn driven by off-board transactions: Exceeding LKR1bn mark of daily turnover for the second consecutive session, the day’s turnover stood at LKR1.6 bn (USD9.3 mn), more than twice the year-to-date average daily turnover of LKR775.6 mn (USD4.6 mn).

Meanwhile, 32.9 mn shares transacted today as crossings in John Keells Holdings (JKH), Amana Takaful, Dialog Axiata and Access Engineering, collectively made up 75 percent of the day’s turnover.

Net foreign selling contracts more than 70 percent: The year-to-date net foreign outflow reached LKR9.2 bn (USD53.8 mn) as overseas investors sold shares worth a net LKR499.9 mn (USD2.9 mn), a 71 percent decline from yesterday when a stake in Singer (Sri Lanka) held by its former major shareholder, Retail Holdings (Sri Lanka) BV, was acquired by Hayleys PLC.

JKH leads turnover generation with over 80 percent of contribution: John Keels Holdings witnessed local investor interest today as the stock contributing 81 percent to the day’s turnover gained 2.4 percent as 8.4 mn shares of its shares traded off-board through twelve crossings at LKR126.0 – LKR126.8 per share making up 91 percent of today’s total off-board contribution.

The diversified holdings spearheaded the sector-wise contribution to the turnover with 82 percent followed by 8 percent made from banks, finance and insurance stocks.

Furthermore, Adam Investments and Sunshine Holdings were among the highest gainers in the market today while Tess Agro and Panasian Power were two of the most actively traded counters of the day.

 

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