Stocks dip driven by foreign selling in Sampath

Sri Lanka, May 07 (Capital Leads) – Losses in the Colombo Stock Exchange (CSE) extended to the fourth straight session today amid foreign selling in Sampath Bank (SAMP) and Hemas Holdings (HHL).

The broad market All Share Price Index (ASPI) dropped 3.73 points to stand at 5,382.54 points, a loss of 0.07 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 21.89 points to reach 2,565.31 points, a decline of 0.85 percent from yesterday.

With no off-board transactions, the total number of shares traded stood at 11.1 mn, narrowing the YTD average daily share volume to 14.9 mn. The market turnover improved to LKR333.3 mn (USD1.9 mn) today, well below the YTD average daily turnover of LKR575.5 mn (USD3.2 mn). 

Falling 1.04 percent in value, Sampath Bank (SAMP) amid foreign selling contributed the highest turnover contribution of 37 percent today while East West Properties (EAST) climbed 1.57 percent through foreign interest to make up 21 percent of the day’s turnover.

Generating 46 percent of the turnover, Banks, Finance and, Insurance stocks spearheaded the sectoral contribution to the turnover followed by 22 percent from Land and Property.

Driven by foreign outflow in Sampath Bank (SAMP) and Hemas Holdings (HHL), the market witnessed net foreign selling for the third consecutive session today as overseas investors sold shares worth a net LKR57.1 mn (USD0.3 mn), extending the YTD net foreign outflow to LKR4.5 bn (USD25.4 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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