Stocks rise for the third consecutive day amid local buying

Sri Lanka, May 21 (Capital Leads) – Despite the moderate turnover, the Colombo Stock Exchange (CSE) edged up for the third straight session today dominated by local buying.

The broad market All Share Price Index (ASPI) gained 31.57 points to stand at 5,291.28 points, an increase of 0.60 percent from the previous session. More liquid S&P SL20 Index meanwhile stood 19.25 points higher to reach 2,466.15 points, a gain of 0.79 percent.

With LOLC Holdings (LOLC) generating the only off-board transaction accounting 27 percent of the day’s turnover, the total number of shares traded reached 16.9 mn. Meanwhile, the market turnover stood at LKR330.6 mn (USD1.9 mn), well-below the YTD average daily turnover of LKR562.6 mn (USD3.2 mn).

LOLC Holdings (LOLC) witnessed 1.0 mn shares trading off-board at LKR90.0 apiece as the stock, gaining 1.48 percent amid local investor interest, made up the highest turnover contribution of 27 percent. Meanwhile, Dialog Axiata (DIAL) witnessed mixed selling and local buying to remain unchanged in value as the stock contributed 22 percent of the day’s turnover.

Furthermore, the sector of Banks, Finance, and Insurance led the sector-wise turnover generation with 52 percent of contribution ahead of 23 percent from Telecommunication stocks.

Net foreign selling continued to the fourth consecutive session as overseas investors sold shares worth a net LKR43.4 mn (USD0.2 mn), extending the YTD net foreign outflow to LKR5.8 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.

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