Stocks end winning streak as foreign outflow picks up

Sri Lanka, May 24 (Capital Leads) – The Colombo Stock Exchange (CSE) ended the five-session long winning streak today as both indices fell amid rising net foreign outflow.

The broad market All Share Price Index (ASPI) dropped 10.69 points to stand at 5,295.11 points, a loss of 0.20 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 2.71 points to reach 2,464.17 points, a decline of 0.11 percent from yesterday.

With John Keells Holdings (JKH) generating the only off-board transaction accounting for 49 percent of the day’s turnover, the total number of shares traded stood at 8.8 mn, well below the YTD average daily share volume of 15.1 mn. Daily market turnover bounced from the second lowest recorded yesterday to reach LKR283.6 mn (USD1.6 mn), nearly half of the YTD average daily turnover of LKR549.8 mn (USD3.1 mn). 

Driven by local investor involvement, John Keells Holdings (JKH) made up the highest turnover contribution of 63 percent as the stock fell 0.36 percent while Chevron Lubricants (LLUB) generating 17 percent of the day’s turnover remained unchanged in value amid foreign selling and local buying.  

The stocks in the Diversified sector spearheaded the sectoral contribution to the turnover generating 64 percent of turnover while the manufacturing sector followed up with 21 percent. Net foreign outflow meanwhile increased more than eight times from yesterday to reach LKR70.2 mn (USD0.4 mn), extending the YTD net foreign outflow to LKR5.9 bn (USD33.5 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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