Weekly gain in CSE in nearly two months

Sri Lanka, Mar 29 (Capital Leads) – After nearly two months of consecutive losses, both indices of the Colombo Stock exchange (CSE) recorded gains this week as the market rallied late in the week backed by strong local investor interest in John Keells Holdings (JKH).

The broad-market All Share Price Index (ASPI) climbed 0.31 percent higher to close at 5,557.24 points, a gain of 17.19 points over the week, first such gain since the final trading week in January 2019. Meanwhile, more liquid S&P SL20 Index edged up 14.01 points to reach 2,738.95 points, an increase of 0.51 percent from the previous week.

With only 10 percent of total turnover made up of off-board trades, the weekly turnover stood at LKR1.5 bn (USD8.8 mn), a decline of 19.9 percent from the holiday-shortened week before. Amid 48.6 mn shares changing hands in total over the week, the YTD market turnover expanded to LKR37.8 bn (USD216.8 mn).   

Driven by local buying, John Keells Holdings (JKH) gained 3.65 percent over the week as the stock made the highest weekly contribution of 28 percent to the turnover. Sampath Bank (SAMP) meanwhile witnessed local selling as the stock dipped 2.01 percent, contributing 12 percent to the turnover.

With 45 percent of contribution, Diversified Holdings spearheaded the sector-wise contribution to the turnover, ahead of the Banks, Finance, and Insurance stocks which collectively made up 34 percent.

Amid foreign outflow in John Keells Holdings (JKH), Melstacorp (MELS) and Hemas Holdings (HHL), weekly net foreign outflow in the market slightly expanded this week from the week before. Overseas investors sold shares worth a net LKR94.6 mn (USD0.5 mn) over the week, extending the YTD net foreign outflow to LKR6.1 bn (USD34.8 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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