Sri Lanka, Feb 23 (Capital Leads) – Posting the third consecutive weekly loss, the Colombo Stock Exchange (CSE) witnessed the lowest close in over 16 weeks during the holiday-shortened week as the turnover more than halved from the week before.
Losing 71.58 points over the week, the broad-market All Share Price Index (ASPI) closed 1.21 percent lower than the previous week to stand at 5,837.72 points, its lowest close since last week of October 2018. More liquid S&P SL20 Index meanwhile edged down 50.75 points to reach 2,977.47 points, a weekly decline of 1.68 percent.
With 72 percent of contribution from off-board transactions, the weekly turnover declined 62 percent from the week before to reach LKR2.2 bn (USD12.3 mn). YTD turnover expanded to LKR22.9 bn (USD127.7 mn) while the total number of shares traded for the week slumped to 75.9 mn shares.
The Kingsbury (SERV) made the highest weekly contribution to the turnover with 23 percent as the stock gained 0.70 percent over the week. Sampath Bank (SAMP), contributing 12 percent to the turnover, slipped 1.66 percent driven by foreign selling while local buying led Tokyo Cement (TKYO) to edge up 0.88 percent as the stock made up 9 percent of weekly turnover.
Meanwhile, the Banks, Finance and Insurance stocks spearheaded the sector-wise contribution to the turnover with 37 percent, ahead of Hotels and Travels sector which made up 23 percent.
The weekly net foreign outflow continued to the fourth consecutive week reaching LKR233.1 mn (USD1.3 mn) while YTD net foreign selling expanded to LKR5.4 bn (USD30.2 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.