Stocks see weekly gain as foreign selling dominates

Sri Lanka, Feb 02 (Capital Leads) – The Colombo Stock exchange (CSE) posted a marginal gain over the week despite returning to net foreign selling as foreigners offloaded stocks in John Keells Holdings (JKH) and Central Finance (CFIN).

Gaining 3.75 points over the week, the broad-market All Share Price Index (ASPI) closed at 5,982.05 points, 0.06 percent higher than the week before, while more liquid S&P SL20 Index edged up 26.23 points to reach 3,072.46 points, an increase of 0.86 percent from the previous week.

The weekly turnover stood at LKR3.3 bn (USD18.5 mn), an improvement of 38 percent from previous week as YTD turnover expanded to LKR13.0 bn (USD72.7 mn).  With 54 percent of turnover contributed from off-board transactions, the total number of shares traded improved to 163.5 mn shares this week.

Amid local buying, Central Finance (CFIN) gained 5.7 percent over the week as the stock made the highest weekly contribution of 24 percent to the turnover, while John Keells Holdings (JKH) gaining 1.0 percent, made up 13 percent of the turnover.

Furthermore, the Banks, Finance and Insurance stocks spearheaded the sector-wise contribution with 54 percent, ahead of the Diversified Holdings which made up 19 percent.

The market returned to net foreign outflow this week, from net foreign buying seen in the week before as foreign investors trimmed their positions in John Keells Holdings (JKH) and Central Finance (CFIN). With a weekly net foreign outflow of LKR414.7 mn (USD2.3 mn), the YTD foreign outflow expanded to LKR2.5 bn (USD14.0 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Your email address will not be published.


*