Sri Lankan stocks drop for the sixth straight session

Sri Lanka, Mar 25 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) slumped today for the sixth consecutive session in thin trading amid foreign selling in John Keells Holdings (JKH) and Commercial Bank (COMB).

The broad market All Share Price Index (ASPI), losing 10.38 points slipped to 5,529.67 points, 0.19 percent lower than the previous session. Meanwhile, more liquid S&P SL20 Index edged down 7.34 points to stand at 2,717.60 points, a decline of 0.27 percent.

With no off-board transactions, the total number of shares traded today reached 5.0 mn shares. While, the daily market turnover stood at LKR268.4 mn (USD1.5 mn), well below the YTD average daily market turnover of LKR675.8 mn (USD3.8 mn).

John Keells Holdings (JKH) led the day’s turnover generation with 28 percent of contribution as the stock driven by foreign selling dropped 0.33 percent. Lanka Milk Foods (CWE) meanwhile enticed foreign investor interest to close the session firm contributing 11 percent to the day’s turnover.

Furthermore, the sector of Banks, Finance, and Insurance spearheaded the sector-wise contribution to the turnover with 37 percent ahead of 30 percent from Diversified Holdings.

The market witnessed net foreign outflow today as overseas investors sold shares worth a net LKR53.8 mn (USD0.3 mn), extending the YTD net foreign outflow to LKR6.0 bn (USD33.8 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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