Sri Lanka, Feb 18 (Capital Leads) – Despite foreign investor interest in Tokyo Cement (TKYO), both indices of the Colombo Stock Exchange (CSE) slumped for the second straight session today with the main index slipping below 5,800 level.
The broad market All Share Price Index (ASPI) lost 11.97 points to stand at 5,897.33 points, a decline of 0.20 percent from the previous session. The more liquid S&P SL20 Index, losing 5.37 points, closed 0.18 percent lower at 3,022.85 points.
Driven by seven crossings made up of 12.0 mn shares from Tokyo Cement (TKYO), Melstacorp (MELS) and Hemas Holdings (HHL), the off-board transactions contributed 71 percent of total turnover. With 23.9 mn total shares changing hands, the daily market turnover reached LKR530.6 mn (USD3.0 mn) as YTD average daily turnover stood at LKR663.8 mn (USD3.7 mn).
Led by foreign buying, Tokyo Cement (TKYO) spearheaded the turnover generation with 29 percent of contribution as the stock gained 4.39 percent amid three crossing where 5.9 mn of its shares traded at LKR23.0 apiece. Meanwhile, Melstacorp (MELS) and Hemas Holdings (HHL) followed up with 21 percent and 14 percent of contribution respectively with the former edging down 1.31 percent and the latter 0.71 percent.
Furthermore, the manufacturing sector dominated sectoral contribution to the turnover with 42 percent, followed by Diversified Holdings which made up 38 percent.
Amid foreign investor interest in TKYO, the market witnessed net foreign buying today as foreigners bought shares worth a net LKR146.1 mn (USD0.8 mn), narrowing the YTD net foreign selling to LKR5.0 bn (USD28.2 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.