Sri Lanka, Mar 05 (Capital Leads) – The Colombo Stock Exchange (CSE) recorded more than LKR 1 bn of turnover driven by local investor interest as the Sri Lankan government presented the budget for the year 2019 to the parliament today.
The broad market All Share Price Index (ASPI) edged up 16.26 points to stand at 5,770.57 points, a gain of 0.28 percent from the previous session, while more liquid S&P SL20 climbed 18.35 points to reach 2,886.39 points, an increase of 0.64 percent.
While 14.1 mn of shares traded in total, the off-board transactions made up a mere 3 percent of total turnover amid a negotiated settlement of 0.2 mn shares from Sampath Bank traded at LKR200.0 per share. The market turnover reached LKR1.2 bn (USD6.4 mn), well-above the YTD average daily turnover of LKR679.5 mn (USD3.8 mn).
With 62 percent of contribution to the turnover, John Keells Holdings (JKH) led the day’s turnover generation as the stock gained 1.29 percent in value driven by local buying. Meanwhile, The National Development Bank (NDB) edged up 2.82 percent contributing 19 percent to the turnover.
Furthermore, the sector of Diversified Holdings spearheaded the sectoral contribution to the turnover with 64 percent ahead of 28 percent made up of Banks, Finance and Insurance stocks.
Expanding the YTD net foreign outflow to LKR5.4 bn (USD30.1 mn), net foreign selling for the day stood at LKR498.0 mn (USD2.8 mn) as JKH drove up the local investor buying.
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.