Sri Lankan stocks decline for the third straight session on thin trading

Sri Lanka, Sep 25 (Insights Equity) – Sri Lankan stocks, witnessing the sharpest one-day loss for the year, fell for the third consecutive session today amid low trading volumes as net foreign selling tapered off.

ASPI sheds more than one percent: The All Share Price Index (ASPI) dropped 71.32 points, its sharpest one-day loss for the year, to stand at 5,833.58 points, 1.21 percent weaker than the previous session while more liquid S&P SL20 index declined 37.47 points to end the session at 2,979.29 points, 1.24 percent lower than the previous close.

Turnover falls amid thin trading volumes: With only one crossing recorded for the day, number of shares transacted stood at 10.7 mn shares, well-below the year-to-date average daily volume of 25.3 mn.

Meanwhile, the market turnover fell nearly 70 percent from the previous session to reach LKR297.6 mn (USD1.8 mn), nearly a third of the year-to-date average daily turnover of LKR793.3 (USD 4.7 mn).

Net foreign selling tapers off as foreigners offload Sampath and JKH: Net foreign outflow stood at a quarter of the average net outflow for the previous four sessions as overseas investors, posting the fifth consecutive session of net outflow, sold stocks worth a net LKR60.9 mn (USD0.4mn), extending the year-to-date net foreign outflow to LKR5.9 bn (USD 35.2 mn).

Meanwhile, Sampath Bank, John Keells Holdings and Commercial Bank dominated the day’s foreign selling.

Sampath leads the turnover generation: Sampath Bank, backed by the crossing where 0.2 mn of its shares changed hands at LKR238.0 per share, led the daily turnover generation with 32 percent of contribution followed by John Keels Holdings which, shedding 1.1 percent in value during the day, made up 15 percent.

Furthermore, SMB Leasing and Tess Agro (non-voting) were the highest gainers of the market today while, Anilana Hotels & Properties and LOLC Finance were two of the most actively traded counters for the day.


For Latest Articles, Financial Models and Research Reports
We hate spam. Your email address will not be sold or shared with anyone else.

Be the first to comment

Leave a Reply

Your email address will not be published.