Stocks slide further despite foreign interest

Sri Lanka, May 09 (Capital Leads) – The Colombo Stock Exchange (CSE) continued to witness low turnover as the market witnessed its sixth straight session of decline today despite continuing foreign investor interest.

The broad market All Share Price Index (ASPI) dropped 20.77 points to stand at 5,352.20 points, a loss of 0.39 percent from the previous session. More liquid S&P SL20 Index meanwhile lost 16.34 points to reach 2,535.82 points, a decline of 0.64 percent from yesterday.

Sampath Bank (SAMP) witnessed the only off board transaction of the day while 22.7 mn of shares changed hands today, extending the YTD average daily share volume to 15.0 mn. The market turnover meanwhile reached LKR228.8 mn (USD1.3 mn), less than half of the YTD average daily turnover of LKR567.0 mn (USD3.2 mn). 

Driven by local buying, Piramal Glass (GLAS) edged up 3.12 percent in value to generate the highest turnover contribution of 22 percent. Trading 0.1 mn shares off-board at LKR149.0 apiece, Sampath Bank (SAMP) followed up with 22 percent as the stock dipped 0.8 percent amid local selling.

Generating 48 percent of the turnover, Banks, Finance, and Insurance stocks made the highest sector-wise contribution to the turnover ahead of 29 percent from Diversified Holdings.

Backed by foreign investor interest in Commercial Bank, the market witnessed net foreign buying for the second straight session today as overseas investors bought shares worth a net LKR30.8 mn (USD0.2 mn), narrowing the YTD net foreign outflow to LKR4.4 bn (USD25.2 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.

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