Stocks dips over the week as foreign outflow doubles

Sri Lanka, Feb 09 (Capital Leads) – During the holiday-shortened week, the Colombo Stock exchange (CSE) witnessed the second sharpest weekly loss for the year as net foreign outflow more than doubled from the previous week.

Losing 17.91 points over the week, the broad-market All Share Price Index (ASPI) closed at 5,964.14 points by Friday, 0.30 percent lower than the week before, while more liquid S&P SL20 Index edged down 14.39 points to reach 3,058.07 points, a decline of 0.47 percent.

With 48 percent of contribution from off-board transactions, the weekly turnover stood at LKR1.9 bn (USD10.8 mn) as YTD turnover expanded to LKR14.9 bn (USD83.9 mn). The total number of shares traded meanwhile reached 50.0 mn shares this week, slightly more than a quarter of volume from the previous week.

John Keells Holdings (JKH) made the highest weekly contribution of 54 percent to the turnover as the stock closed unchanged from the week before, while Hatton National Bank (HNB), gaining 0.10 percent, made up 8 percent.

Furthermore, the Diversified Holdings led the sector-wise contribution with 57 percent, ahead of the Banks, Finance and Insurance Sector which contributed 30 percent.

Driven by foreign selling in JKH, the net foreign outflow more than doubled from the previous week to reach LKR900.9 mn (USD5.1 mn) while the YTD foreign outflow expanded to LKR3.4 bn (USD19.1 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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