Stocks end higher as foreign inflow picks up

Sri Lanka, Apr 17 (Capital Leads) – Net foreign buying in the Colombo Stock Exchange (CSE) picked up today driven by foreign investor interest in John Keells Holdings (JKH) and East West Properties (EAST) as the market ended on a mixed note amid thin trading volumes.

Recording the third straight session of gains, the broad market All Share Price Index (ASPI) moved 11.52 points higher to stand at 5,603.35 points, an increase of 0.21 percent from yesterday. Meanwhile, more liquid S&P SL20 Index dropped 6.48 points to reach 2,715.66 points, an increase of 0.24 percent from the previous session.

John Keells Holdings (JKH) and Dialog Axiata (DIAL) witnessed a crossing each collectively contributing 35 percent of the day’s turnover while the total number of shares traded reached 8.9 mn. The daily market turnover improved from the previous session to reach LKR188.8 mn (USD1.1 mn), well-below the YTD average daily market turnover of LKR599.1 mn (USD3.4 mn).

East West Properties (EAST) dominated the turnover generation today as the stock, making up 37 percent of the day’s turnover, jumped 9.04 percent driven by foreign buying. The company last week announced the sale of 71.82 percent of its stake in the subsidiary, Weligama Hotel Properties Limited to HPL Properties (West Asia) Private Limited for a consideration of USD15.9 mn.

Trading 0.2 mn shares off-board at LKR153.0 per share, John Keells Holdings (JKH) dipped 0.33 percent amid local selling to make up 20 percent of the day’s turnover. Furthermore, the sector of Land and Property spearheaded the sectoral contribution to the turnover with 38 percent slightly ahead of 33 percent generated from Diversified Holdings.

Net foreign buying was seen in the market for the third consecutive session as foreigners bought shares worth a net LKR46.4 mn (USD0.3 mn), narrowing the YTD net foreign outflow to LKR6.0 bn (USD34.3 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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