Sri Lankan stocks hit more than five-year low

Sri Lanka, Mar 01 (Capital Leads) – Following the solitary gain made yesterday, the broad market All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) dropped to its lowest close in more than five years today.

The ASPI edged down 1.07 percent, its sharpest one-day decline in nearly four months, lost 61.98 points to stand at 5,754.31 points today, its lowest close since November 2013. More liquid S&P SL20 meanwhile shed 110.87 points to reach 2,868.04 points, falling 3.72 percent from the previous session.

Driven by four crossings from Hemas Holdings (HHL), Ceylon Tobacco (CTC) and John Keells Holdings (JKH) accounting for 0.7 mn shares, negotiated settlements made up 26 percent of the day’s turnover. While 10.2 mn shares transacted in total, the market turnover dropped to LKR350.5 mn (USD1.9 mn) as YTD average daily turnover reached LKR667.5 mn (USD3.7 mn).

With 32 percent of contribution to the turnover, Sampath Bank (SAMP) led the day’s turnover generation today as the stock lost 15.61 percent in value. Despite losing 2.82 percent by the day’s close, John Keells Holdings (JKH) continued to witness foreign investor buying as the stock made up 7 percent of the turnover

Furthermore, the sector of Banks, Finance and Insurance stocks spearheaded the sectoral contribution to the turnover with 51 percent ahead of 24 percent from Diversified Holdings.

Amid foreign selling in Hemas Holdings (HHL), the market returned to net foreign selling today as overseas investors sold shares worth a net LKR22.4 mn (USD0.1 mn), expanding the YTD net foreign outflow to LKR4.9 mn (USD27.3 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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