Stocks end at 15-week low as foreign outflow continues

Sri Lanka, Feb 12 (Capital Leads) – The Colombo Stock Exchange (CSE) today witnessed its lowest close in more than fifteen weeks as net foreign outflow continued for the second straight session amid local investor interest in Asiri Hospital (ASIR) and Central Finance (CFIN).

Losing 0.51 percent from the previous session, the All Share Price Index (ASPI) dropped 30.41 points to reach 5,930.21 points, its lowest since October 26, 2018. Meanwhile, the more liquid S&P SL20 Index, shed 21.79 points to reach 3,040.62 points, a decline of 0.71 percent from yesterday.

Amid eight crossings from Asiri Hospital (ASIR), Hemas Holdings (HHL), Ceylinco Insurance (CINS), John Keells Holdings (JKH) and Central Finance (CFIN), the off-board transactions made up 71 percent of total daily turnover.

With a decline of more than 50 percent from yesterday, the number of shares traded reached 24.9 mn while the daily turnover narrowed to LKR1.1 bn (USD6.0 mn), nearly a third of that recorded yesterday. The average daily turnover meanwhile improved to LKR689.5 mn (USD3.9 mn).

Leading the turnover generation with 16.4 percent of contribution, Asiri Hospital (ASIR) gained 0.45 percent as 8.0 mn of its shares traded off-board at LKR22.0 per share. Contributing 16.2 percent to the daily turnover Hemas Holdings (HHL) ended steady as 2.0 mn of its shares changed hands through two crossings at LKR86.5 apiece. Furthermore, Ceylinco Insurance (CINS) dropped 3.95 percent in value today as the stock made up 14.9 percent of the turnover today.  

Meanwhile, the Banks, Finance and Insurance stocks led the sector-wise contribution with 39.5 percent of turnover, ahead of 33.0 percent from Diversified Holdings.

Led by local buying in ASIR and CFIN, the market witnessed net foreign selling for the second straight session today as locals bought shares worth a net LKR261.4 mn (USD1.5 mn), with YTD net foreign selling standing at LKR4.8 bn (USD 26.8 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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