Sri Lanka, Mar 15 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) shed more than half of the gains made yesterday as market turnover exceeded LKR1 bn today driven by off-board trading in Commercial Bank (COM).
The broad market All Share Price Index (ASPI) lost 16.55 points to stand at 5,616.24 points, a decline of 0.29 percent from yesterday. The more liquid S&P SL20 Index meanwhile edging 10.18 points lower reached 2,761.10 points at the end of the session, a decrease of 0.37 percent.
With crossings from Commercial Bank (COMB), Nations Trust Bank (NTB) and Kelani Tyres (TYRE), the off-board trading of 12.1 mn shares contributed to 68 percent of the day’s turnover. The daily market turnover meanwhile improved to LKR1.7 bn (USD9.5 mn), more than twice the YTD average daily turnover of LKR700.3 mn (USD3.9 mn) as 20.2 mn shares in total changed hands in the market today.
The Commercial Bank (COMB) led the day’s turnover generation with 66 percent of contribution as the stock, transacting 11.1 mn shares off-board at LKR99.0 per share, ended the session firm. John Keells Holdings (JKH) followed up with 15 percent of turnover as the stock dipped 0.66 percent driven by foreign selling.
Furthermore, the Banks, Finance and Insurance stocks spearheaded the sectoral contribution to the turnover with 70 percent ahead of 16 percent generated from the Diversified Holdings.
However, the market witnessed net foreign inflow today as foreigners bought shares worth a net LKR22.6 mn (USD0.1 mn), narrowing the YTD net foreign outflow to LKR5.9 bn (USD32.9 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.