Sri Lankan stocks edge down despite returning foreign inflow

Sri Lanka, Nov 02 (Capital Leads) – Recording more than LKR1 bn of turnover for the third consecutive session, the Colombo Stock Exchange (CSE) dipped marginally today as the market, for the first time after fifteen straight sessions of net outflows, posted net foreign inflow amid foreign buying in banking stocks.

Indices edge down marginally: The All Share Price Index (ASPI) losing 21.92 points, pared nearly a tenth of the gains made yesterday to rest at 6,092.21 points, a drop of 0.36 percent while more liquid S&P SL20 Index dipped 0.39 percent to reach 3,208.43 points, a decline of 12.64 points.

Turnover crosses LKR1 bn for the third consecutive session: Backed by thirteen crossings of 9.5 mn shares, 43.5 mn shares changed hands today as turnover, 49 percent of which was contributed by off-board trades, reached LKR1.9 bn (USD11.0 mn), more than twice the year-to-date average daily turnover of LKR798.1 mn (USD4.6 mn).

With daily turnover crossing over LKR1 bn consecutively in the past three sessions, the cumulative turnover in the last seven sessions topped LKR12.6 bn (USD72.7 mn).

Net foreign inflow after fifteen sessions: Led by foreign buying in National Development Bank (NDB), Commercial Bank (COMB) and Hatton National Bank (HNB), the market posted a net foreign inflow of LKR66.8 mn (USD0.4 mn), the first such occasion in fifteen sessions with year-to-date net foreign outflow contracting to LKR13.6 bn (USD78.4 mn).

JKH leads turnover generation; dips two percent amid foreign selling: John Keells Holding (JKH) lost 2.20 percent today as the stock driven by foreign selling was the largest contributor to the turnover with 20 percent followed by COMB and HNB which gaining 1.72 percent and 2.42 percent respectively made up 13 percent each.

Meanwhile, banks, finance and insurance sector led the sector-wise contribution to the turnover with 47 percent ahead of 31 percent made by diversified holdings.

Furthermore, Prime Finance and Amana Takaful Life were the top two gainers of the market today while Dialog Axiata and Access Engineering became the most actively traded stocks.

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