CSE’s upward trend continues amid thin volumes

Sri Lanka, Apr 29 (Capital Leads) – The Colombo Stock Exchange (CSE) closed today’s session higher despite thin trading volumes as normalcy slowly returned to the country after last week’s Easter Sunday bomb attacks. When markets re-opened last Tuesday, the stocks fell sharply recording the steepest daily loss in more than seven years, before foreign investor interest brought a modest recovery in the days followed.     

The broad market All Share Price Index (ASPI) ended 6.25 points higher to stand at 5,443.31 points, a gain of 0.11 percent from last Friday. Meanwhile, more liquid S&P SL20 Index edged up 12.61 points to reach 2,613.37 points, an increase of 0.48 percent from the previous session.

While there were no crossings during the day, the total number of shares traded stood at 5.7 mn, slightly over a third of YTD average daily share volume of 15.4 mn shares. The daily market turnover meanwhile dropped to LKR162.7 mn (USD0.9 mn), as YTD average daily market turnover reached LKR597.1 mn (USD3.4 mn).

Making up 26 percent of the day’s turnover, John Keells Holdings (JKH_ made the highest turnover contribution to the market today as the stock closed 2.09 percent higher amid foreign investor interest. Sampath Bank (SAMP) and Commercial Bank (COMB) followed up with 20 percent and 14 percent respectively as the former gained 0.65 percent amid local investor interest while foreign selling drove the latter 0.54 percent lower.

Meanwhile, Banks, Finance and Insurance sector stocks, with 55 percent contribution to the turnover, spearheaded the sectoral turnover generation ahead of 29 percent generated from Diversified Holdings.

The market returned to net foreign buying today as investors bought shares worth a net LKR24.3 mn (USD0.1 mn), slightly narrowing the YTD net foreign outflow to LKR4.4 bn (USD25.0 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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