Stocks hit more than six-year low

Sri Lanka, Mar 19 (Capital Leads) – The Colombo Stock Exchange (CSE) continued its losses for the third consecutive session today as the main index fell sharply to post the lowest close in more than six years.

The broad market All Share Price Index (ASPI) edged down 23.31 points as it fell 0.42 percent from yesterday to stand at 5,591.67 points, its lowest close since December 26, 2012. Meanwhile, more liquid S&P SL20 Index, losing 8.65 points, reached 2,752.35 points, a decline of 0.31 percent from the previous session

With no crossings, the total number of shares traded slumped to 6.3 mn, dragging the daily market turnover to LKR291.3 mn (USD1.6 mn), well below the YTD average daily turnover of LKR683.5 mn (USD3.8 mn).

Driven by foreign selling, Hemas Holdings (HHL) led the turnover generation with 52 percent of contribution as the stock declined 1.32 percent in value. Meanwhile, John Keells Holdings climbed 0.66 percent in value amid local investor interest contributing 17 percent to the total turnover.

Furthermore, Diversified Holdings made up the highest sectoral contribution to the turnover with 71 percent ahead of 18 percent from the sector of Banks. Finance and Insurance.

Net foreign selling in the market picked up today as overseas investors sold shares worth a net LKR182.6 mn (USD1.0 mn), expanding the YTD net foreign outflow to LKR6.1 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.

SUBSCRIBE TO OUR MAILING LIST
For Latest Articles, Financial Models and Research Reports
We hate spam. Your email address will not be sold or shared with anyone else.

Be the first to comment

Leave a Reply

Your email address will not be published.


*