Stocks stand firm amid foreign inflow

Sri Lanka, Apr 10 (Capital Leads) – The Colombo Stock Exchange (CSE) stood firm today as the market, driven by foreign investor interest in John Keells Holdings (JKH) and Sampath Bank (SAMP), witnessed net foreign inflow after four consecutive days of outflows.

The broad market All Share Price Index (ASPI), losing 0.08 points, stood almost unchanged from yesterday at 5,583.58 points. Meanwhile, more liquid S&P SL20 Index edged marginally higher to reach 2,721.05 points, a gain of 0.02 percent from the previous session.

With no off-board transactions, the total number of shares traded stood at 11.8 mn shares, contracting the YTD average daily share volume to 15.7 mn. The market turnover for the day reached LKR218.6 mn (USD1.3 mn), slightly more than a third of YTD average daily market turnover of LKR620.2 mn (USD3.6 mn).

John Keells Holdings (JKH) led the day’s turnover generation with 31 percent of contribution as the stock amid local selling lost 0.39 percent today. Dialog Axiata (DIAL), contributing 22 percent to the day’s turnover, stood unchanged in value despite foreign selling.

Furthermore, the sector of Diversified Holdings spearheaded the sector-wise contribution to the turnover with 32 percent, followed by 31 percent from Banks, Finance, and Insurance stocks.

The foreign investor interest in John Keells Holdings (JKH) and Sampath Bank (SAMP) outweighed the foreign selling in Dialog Axiata (DIAL) as the market posted net foreign inflow for the first time since last Thursday. The YTD net foreign outflow, therefore, narrowed to LKR5.9 bn (USD33.6 mn) as net foreign buying for the day stood at LKR10.4 mn (USD0.1 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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