Stocks slide in thin trading volumes

Sri Lanka, Feb 06 (Capital Leads) –The All Share Price Index (ASPI) of the Colombo Stock Exchange (CSE) closed at a two-week low today as the market witnessed thin trading volumes for the second consecutive session.

Losing 0.41 percent from yesterday, the All Share Price Index (ASPI) edged down 24.24 points to close at 5,957.41 points, its lowest since January 23, 2019. Meanwhile, the more liquid S&P SL20 Index, lost 16.87 points to reach 3,057.75 points, 0.55 percent lower than the previous session.

With only a single crossing from Hatton National Bank (HNB), where 0.6 mn of its shares traded off-board at LKR203.0 apiece, the off-board contribution to the turnover stood at 51 percent.

The daily market turnover narrowed to LKR249.2 mn (USD1.4 mn), less than half of the YTD average daily turnover of LKR567.4 mn (USD3.2 mn), as only 6.5 mn shares changed hands today.

Declining 0.7 percent in value, HNB made the highest contribution to the turnover with 62 percent, while Banks, Finance and Insurance sector dominated the sector-wise contribution with 81 percent.

Despite foreign selling in HNB and Hemas Holdings (HHL), daily net foreign outflow narrowed by 97 percent from yesterday to reach LKR6.8 mn (~USD40,000), as YTD net foreign outflow stood at LKR2.8 bn (USD15.5 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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