Sri Lankan stocks edge up amid thin volumes

Sri Lanka, May 22 (Capital Leads) – The Colombo Stock Exchange (CSE) witnessed thin volumes today as local investor interest lifted the market for the fourth consecutive session.

The broad market All Share Price Index (ASPI) edged up 4.40 points to stand at 5,295.68 points, a gain of 0.08 percent from the previous session. More liquid S&P SL20 Index, climbing 0.28 percent higher from yesterday, added 6.95 points to reach 2,473.10 points.

With no off-board transactions, the total number of shares traded stood at 8.4 mn, narrowing the YTD average daily share volume to 15.3 mn. Contracting the YTD average daily turnover to LKR557.8 mn (USD3.2 mn), the market turnover slumped to LKR127.4 mn (USD0.7 mn), third lowest for the year so far.

Seylan Bank – non-voting (SEYB.X), remaining unchanged in value, made up the highest turnover generation of 24 percent driven by local investor interest. Meanwhile, John Keells Holdings (JKH) and Chevron Lubricants (LLUB) contributed 11 percent each as the stocks, amid local buying and mixed selling, climbed 0.58 percent and 0.36 percent in value respectively.  

Generating 46 percent of the turnover, Banks, Finance and, Insurance stocks spearheaded the sectoral contribution to the turnover followed by 18 percent from Diversified Holdings.

The market witnessed net foreign selling for the fifth consecutive session today as overseas investors sold shares worth a net LKR30.0 mn (USD0.2 mn), extending the YTD net foreign outflow to LKR5.8 bn (USD33.0 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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