Sri Lankan stocks decline as net foreign buying continues

Sri Lanka, Nov 14 (Capital Leads) – The Colombo Stock Exchange (CSE) edged down today amid foreign interest in banking stocks as net foreign inflow continued for the third consecutive session.

Both indices decline after three straight sessions of gains: The broad market All Share Price Index (ASPI) dipped 46.18 points to close the session at 5,947.36 points, 0.77 percent lower than the previous session.

Meanwhile, more liquid S&P SL20 lost 41.39 points to stand at 3,087.48 points, a 1.32 percent decline from yesterday.

Turnover declined to one-tenth of yesterday: Backed by four crossings of Ceylon Tobacco (CTC), Teejay Lanka (TJL) and National Development Bank (NDB), off-board transactions contributed 65 percent of turnover which stood at LKR729.2 mn (USD4.2 mn), nearly a tenth of the level seen yesterday when an internal share transfer of Odel PLC (ODEL) made up 93 percent of the day’s turnover.

While the year-to-date average daily turnover reached LKR841.9 mn (USD4.8 mn), 13.5 mn shares changed hands today compared to 281.6 mn of yesterday.

Foreign interest in CSE continues: Net foreign buying continued for the third consecutive session today as foreigners bought shares worth a net LKR26.8 mn (USD0.2 mn), half of the net inflow seen yesterday, as year-to-date net foreign outflow contracted to LKR17.4 bn (USD99.0 mn).

Ceylon Tobacco leads turnover generation: CTC made up the highest contribution of 53 percent to the turnover driven by two crossings of 0.3 mn shares traded at LKR1,400.0 per share. Meanwhile, NDB and Seylan Bank (SEYB) enticed foreign investor interest contributing 11 percent and 5 percent respectively as the former dipped 2.43 percent while the latter 2.91 percent.

Access Engineering made up 5 percent to the turnover today as the stock fell 9.20 percent driven by local selling.

Furthermore, the sector of beverage, food and tobacco, declining 0.13 percent in index value, led the sector-wise contribution to the turnover with 54 percent while banks, finance and insurance stocks made up 22 percent collectively falling 1.06 percent in value.

ODEL and Dipped Products (DIPD) were the highest gainers of the market today as Panasian Power (PAP) and MTD Walkers (KAPI) were two of the most-actively traded counters of the day.


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