Stocks close lower; foreign outflow continues

Sri Lanka, Jan 11 (Capital Leads) – The Colombo Stock Exchange (CSE) closed the session lower today as net foreign outflow continued into the fifth consecutive day amid heavy foreign selling in Commercial Bank (COMB).

The All Share Price Index (ASPI) declined 16.78 points to close the session at 5,967.27 points, 0.28 percent weaker than yesterday, while more liquid S&P SL20 Index slipped 1.02 points to reach 3,036.61 points, 0.03 percent lower than the previous session.

Making up 44 percent of total turnover, off-board trades led the turnover generation as the day’s turnover reached LKR814.1 mn (USD4.5 mn) today, more than doubling the yesterday’s turnover.

Commercial Bank spearheaded the turnover generation with 44 percent driven by seven crossings, where 1.9 mn of its shares traded at LKR114.0 per share, followed by John Keells Holdings (JKH) which made up 22 percent. 

Banks, Finance and Insurance stocks dominated the sector-wise contribution with 65 percent, followed by Diversified sector which contributed 32 percent of the day’s turnover.

While Melstacorp (MELS) enticed modest foreign investor interest, heavy foreign selling was seen in Commercial Bank (COMB) as net foreign reached LKR143.2 mn (USD0.8 mn), with YTD net outflow extending to LKR894.9 mn (USD4.9 mn).

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