Stocks dip amid local selling in JKH

Sri Lanka, Jan 30 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) ended lower today amid local investor selling in the blue-chip conglomerate John Keells Holdings (JKH) as the market witnessed the second session of net foreign buying for the week.

Losing 0.10 percent from yesterday, the broad market All Share Price Index (ASPI) edged down 5.83 points to close the session at 5,991.29 points, while more liquid S&P SL20 Index, shedding 0.18 percent, dropped 5.44 points to reach 3,077.08 points.

Backed by three crossings from John Keells Holdings (JKH), Central Finance (CFIN) and Ceylinco Insurance (CINS), the off-board contribution to the turnover remained unchanged at 58 percent from yesterday while the turnover for the day stood at LKR736.7 mn (USD4.1 mn), well-above the YTD average daily turnover of LKR585.8 mn (USD3.2 mn).

With 0.2 mn of its shares changing hands off-board at LKR1,910.0 per share, Ceylinco Insurance (CINS) led the turnover generation with 52 percent of contribution, followed by 20 percent from John Keells Holdings (JKH) as the stock, trading 0.2 mn shares off-board at LKR158.3 apiece, lost 0.6 percent.

Meanwhile, the Banks, Finance and Insurance stocks made the highest sector-wise contribution with 63 percent of total turnover, followed by 21 percent from Diversified Holdings.

Amid foreign investor interest in JKH, the market today witnessed the second session of net foreign inflow for the week as foreign buying in shares reached a net LKR23.4 mn (USD0.1 mn), contracting the YTD net foreign outflow to LKR2.2 bn (USD12.4 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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