Stocks tumble for the fourth straight session

Sri Lanka, Mar 13 (Capital Leads) – Both Indices of the Colombo Stock Exchange (CSE) fell for the fourth consecutive session today amid improving net foreign inflow.

The broad market All Share Price Index (ASPI), losing 39.82 points, reached 5,606.96 points, 0.71 percent lower than the previous session. Meanwhile, the more liquid S&P SL20 Index edged down 44.58 points to stand at 2,751.30 points, a decline of 1.59 percent.

Union Bank (UBC) and John Keells Hotels (KHL) constituted the two crossings witnessed today as off-board trades made up 29 percent of the total turnover. With 18.0 mn shares changing hands in total, the day’s turnover stood at LKR270.2 mn (USD1.5 mn), a two fifth of YTD average daily market turnover of LKR679.7 mn (USD3.8 mn).

Union Bank (UBC), closing the session firm, led the turnover generation with a contribution of 21 percent ahead of 12 percent from Nations Trust Bank (NTB) which edged up 0.33 percent driven by foreign buying.

Furthermore, the Banks, Finance and Insurance stocks spearheaded the sector-wise contribution to the turnover with 51 percent followed by the sector of Beverage, Food and Tobacco which made up 14 percent.

The Nations Trust Bank (NTB), John Keells Hotels (KHL) and Cargills (CARG) enticed foreign investor interest today as overseas investors bought shares worth a net LKR45.6 mn (USD0.3 mn) narrowing the YTD net foreign outflow to LKR5.9 bn (USD33.0 mn).

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