Turnover crosses LKR1 bn as CSE dips despite late rally

Sri Lanka, Oct 31 (Capital Leads) – Despite gaining ground in the afternoon, the Colombo Stock Exchange (CSE) failed to offset the losses made in the morning as the market turnover exceeded LKR1 bn for the fourth time in five sessions.

Indices end in mixed territory: Having lost 0.72 percent by noon, the All Share Price Index (ASPI) witnessed a drop of only 0.18 percent during the day as stocks rallied in the afternoon with ASPI standing at 5,953.47 points at the close of the session, a decline of 10.85 points,

Gaining 0.88 points, more liquid S&P SL20 Index stood firm at 3,084.08 points, 0.03 percent increase from the previous session.

Turnover in past five sessions exceed LKR9 bn: The daily turnover reached LKR1.4 bn (USD7.8 mn) today, well-above the year-to-date average daily turnover of LKR789.0 mn (USD4.5 mn) while cumulative turnover in past five sessions stood at LKR9.2 bn (USD53.0 mn).

28.1 mn shares changed hands today with 10.5 mn shares trading off-board through eleven crossings accounting for 58 percent of the day’s turnover.

Foreign interest in COMB dampens foreign outflow: The ratio of net foreign outflow to total turnover dipped to 10 percent from 16 percent of yesterday as net foreign selling stood at LKR139.4 mn (USD0.8 mn) with foreign buying in Commercial Bank (COMB) partially offsetting the foreign outflow in John Keells Holdings (JKH).

JKH leads turnover generation for third straight session: JKH, leading the turnover contribution for the third consecutive session with 32 percent, gained 1.2 percent in value today through local buying as 1.2 mn of its shares traded off-board through five crossings at LKR147.2 – LKR148.2 per share.

Backed by a crossing of 5.2 mn shares traded at LKR70.0 per share, Chevron Lubricants followed up with a contribution of 27 percent as the stock dipping 1.1 percent in value enticed foreign investor interest.

Meanwhile, diversified holdings led the sector-wise contribution to the turnover with 35 percent ahead of manufacturing sector which made up 34 percent.

Furthermore, Tess Agro and Serendib Hotels were among the highest gainers of the market today while Expolanka Holdings and Access Engineering were two of the most-actively traded counters of the day.

 

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