Sri Lankan stocks gain as foreign buying in JKH lifts turnover

Sri Lanka, Oct 03 (Insights Equity) – The Colombo Stock Exchange (CSE) edged up today after four straight sessions of losses as John Keells Holdings (JKH), led by foreign buying, accounted for nearly 84 percent of the day’s turnover.

Both indices gain ending four consecutive sessions of losses: The All Share Price Index (ASPI) increased 6.09 points today, up 0.1 percent from yesterday to close the session at 5,813.83 points.

Meanwhile, S&P SL20 Index, where the largest and most liquid stocks are included, posted a 0.22 percent gain from the previous session to close at 2,969.60 points, 6.57 points higher than the previous session.

The Central Bank of Sri Lanka kept its key policy rates unchanged yesterday amid a falling LKR, that has depreciated by 9.2 percent against USD year-to-date, amid monetary policy tightening by the US Federal Reserve.

JKH Crossings drive the turnover: With two crossings from JKH accounting for nearly 80 percent, the day’s turnover nearly doubled from yesterday to reach LKR788.3 mn (USD4.7 mn), mostly in line with the year-to-date average daily turnover of LKR782.1 mn (USD4.6 mn). The number of shares transacted stood at 24.6 mn compared to 20.1 mn of yesterday.

Net foreign selling tapers off amid weak local investor participation: The market witnessed marginal net foreign outflow today as foreign selling, amounting to LKR661.7 mn (USD3.9 mn), was softened by foreign buying of LKR660.2 mn (USD3.9 mn) worth of shares. With local investor participation low, year-to-date net foreign outflow remained at LKR6.3 bn (USD37.4 mn).

JKH spearheads turnover generation; gains close to one percent: Making nearly 83 percent of contribution to the turnover backed by foreign buying, JKH made the highest contribution to the turnover today as the stock gained 0.7 percent in value amid two off board transactions where 4.8 mn shares of JKH transacted at LKR131.3.

Meanwhile, stocks of diversified holdings led the sector-wise contribution to the turnover with 84 percent while banks, finance and insurance stocks collectively made up 9 percent.

Furthermore, Morison and Commercial Leasing & Finance were among the highest gainers of the market today while, Sierra Cables and Tess Agro were two of the most actively traded counters of the day.


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  1. Local buying pushes Sri Lankan stocks higher for the second straight session – Insights Equity
  2. After three weeks of back-to-back losses, CSE gains as CBSL keeps rates steady – Insights Equity

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