Stocks slide in thin trading

Sri Lanka, Feb 20 (Capital Leads) – Both indices of the Colombo Stock Exchange (CSE) fell for the third straight session today amid thin trading volumes.

The broad market All Share Price Index (ASPI) lost 17.16 points to stand at 5,880.17 points, a decline of 0.29 percent from the previous session. The more liquid S&P SL20 Index, losing 16.44 points, closed 0.54 percent lower to reach 3,006.41 points.

With two crossings from John Keells Holdings (JKH) and Central Finance (CFIN), the off-board transactions made up 39 percent of total turnover. While 4.6 mn shares changed hands in total, the daily market turnover stood at LKR172.8 mn (USD1.0 mn), nearly a quarter of the YTD average daily turnover of LKR648.9 mn (USD3.6 mn).

Led by foreign buying, John Keells Holdings (JKH) led the turnover generation with 35 percent of contribution as the stock, transacting 0.14 mn shares off-board at LKR154.0 per share, gained 0.65 percent in value. Central Finance (CFIN), trading 0.5 mn of shares off-board at LKR93.0 apiece, followed up with 27 percent of turnover as the stock edged up 0.11 percent amid local buying.

However, Banks. Finance and Insurance sector along with Diversified Holdings dominated sectoral contribution to the turnover with 37 percent each.

The net foreign outflow meanwhile reached LKR35.8 mn (USD0.2 mn) as YTD net foreign outflow expanded to LKR5.1 bn (USD28.2 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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