Stocks stand firm in thin trading

Sri Lanka, Mar 27 (Capital Leads) – Hovering over more-than-six-year low, the main index of the Colombo Stock Exchange (CSE) held firm today amid thin trading volumes.

The broad market All Share Price Index (ASPI), losing 1.91 points dropped 0.03 percent from yesterday to reach 5,511.77 points, its lowest since December 18, 2012.  More liquid S&P SL20 Index meanwhile, fell 6.13 points to 2,701.87 points, a decline of 0.23 percent from the previous session.

With no off-board transactions, the total number of shares traded stood at 7.4 mn shares. The market turnover for the day reached LKR165.0 mn (USD0.9 mn), nearly a quarter of the YTD average daily market turnover of LKR660.2 mn (USD3.7 mn).

Hemas Holdings (HHL) led the day’s turnover generation with 19 percent of contribution as the stock lost 0.53 percent today amid foreign selling. John Keells Holdings (JKH) meanwhile gained 0.53 percent today driven by local buying as the stock made up 11 percent of the day’s turnover.

Furthermore, the sector of Banks, Finance, and Insurance spearheaded the sector-wise contribution to the turnover with 41 percent ahead of 37 percent from Diversified Holdings.

Net foreign selling today continued for the third consecutive session as overseas investors sold shares worth a net LKR58.8 mn (USD0.3 mn), extending the YTD net foreign outflow to LKR6.1 bn (USD34.5 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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