Sri Lankan stocks continue to fall amid low volumes

Sri Lanka, May 13 (Capital Leads) – The Colombo Stock Exchange (CSE) dropped for the eighth consecutive session today amid low trading volumes as foreign inflows to the market exceeded outflows marginally.

The broad market All Share Price Index (ASPI) lost 20.48 points to stand at 5,307.20 points, a decline of 0.38 percent from the previous session while more liquid S&P SL20 Index dropped 7.22 points to reach 2,511.86 points, a decline of 0.29 percent.

For the second consecutive session, the market posted no off-board transactions today as 6.1 mn shares changed hands, less than half of the YTD daily share volume of 14.8 mn. The market turnover meanwhile reached LKR179.5 mn (USD1.0 mn) while YTD average daily turnover declined further to LKR557.6 mn (USD3.2 mn). 

Declining 1.03 percent in value, Cargills (CARG) made up the highest contribution to the turnover with 28 percent while John Keells Holdings (JKH) closely followed up with 27 percent as the stock dropped 0.8 percent amid local selling.

Furthermore, the sectors of Beverage, Food, and Tobacco and Diversified Holdings jointly led the sector-wise turnover generation today with 29 percent of contribution each.

Driven by foreign investor interest in John Keells Holdings (JKH) and East West Properties (EAST), the market witnessed net foreign buying for the fourth straight session. However, net foreign inflow dropped more than fifty percent from the previous session to reach LKR8.9 mn (USD50.4 k), slightly narrowing the YTD net foreign outflow to LKR4.4 bn (USD25.1 mn).

Disclosure: I/We have no investments in the stocks mentioned in the above article and don’t intend to open any within the next 72 hours. I wrote this article for myself, and it expresses my opinion. I/We receive no compensation, nor do I/We have any business relationship with any companies whose stocks are mentioned in the article.

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