Sri Lanka, Oct 08 (Insights Equity) – Sri Lankan shares gained for the fourth successive session today to reach a more than 2-week closing high despite low turnover and continuing foreign investor outflow.
ASPI continues the positive momentum to reach more than 2-week high: Edging up 0.41 percent from the previous session, the broad market All Share Price Index (ASPI) gained 24.29 points to stand at 5,908.06 points, recording its highest close since September 20, 2018 and the fourth consecutive gain.
Meanwhile, S&P SL20 Index, where largest and most liquid stocks are included, advanced 0.91 percent to reach 3,038.12 points, 27.52 points higher than the last session.
Turnover remains low despite higher volumes: With 38 percent of the turnover made up of the only off-board transaction, the market turnover stood at LKR265.0 mn (USD1.6 mn), nearly one-third of the year-to-date average daily turnover of LKR774.5 mn (USD4.6 mn) as 17.9 mn shares changed hands compared to 10.8 mn on Friday.
Net foreign outflow continues: Net foreign outflow continued for the fourteenth consecutive session today as overseas investors sold shares worth a net LKR30.4 mn (USD0.2 mn), expanding the year-to-date net foreign outflow to LKR6.5 bn (USD38.1 mn).
Melstacorp leads the turnover generation; gains 1 percent: Daily turnover generation was spearheaded by Melstacorp with a contribution of 38 percent as the stock, backed by the crossing where 2.0 mn of its shares traded at LKR50.2, gained 1.0 percent amid local buying.
Meanwhile, John Keells Holdings made up 8 percent of the day’s turnover declining 0.3 percent driven by foreign selling as diversified holdings led the sector-wise contribution to the turnover with 54 percent followed by banks, finance and insurance stocks which made up 21 percent.
Furthermore, Adam Investments and Hemas Holdings were two of the highest gainers of the market today while, Renuka Agri Foods and Tess Agro were among the most active counters for the day.