YTD net foreign outflow at CSE tops Rs. 8 b mark

The year to date net foreign outflow at the Colombo stock market yesterday crossed the Rs. 8 billion mark whilst local investors continued to book profit causing indices to dip.The active S&P SL20 declined by 0.8% and the benchmark ASPI by 0.4%. Turnover was Rs. 4 billion involving 558.17 million shares.

The net foreign selling amounted to Rs. 2.9 billion yesterday on account of LOLC Finance. A 1.5% stake block of 500 million LOFC shares traded at Rs. 5.70 each via a crossing. Overall 510.28 million LOFC shares changed hands via 629 trades for Rs. 2.9 billion.

Asia Securities said the indices closed lower on Tuesday dragged by JKH (-1.4%), MELS (-1.3%), PABC (-1.5%), COMBN (-0.4%), HAYL (-2.0%), and CIC (-1.9%). CALT (+3.1%), WATA (+2.8%), CFVF (+2.1%), LMF (+0.7%), and LIOC (+0.9%) saw price gains during the session. The breadth of the market remained negative with 69 price gainers and 92 decliners.

Crossings accounted for 74.4% of turnover with 1 crossing recorded in LOFCN (Rs. 2.8bn) 2 crossingseach in PABC (Rs. 76mn) and HNBN (Rs. 74.4mn).

First Capital said the bourse experienced a downward trajectory, continuing its stance of profit taking from the previous session as it halted on the negative territory losing 45 points at 11,276. The banking sector shares displayed a mixed sentiment during the day as SAMP witnessed a spike of 0.4% compared to the previous day closing and was amongst the positive contributors towards the index gain, whilst profit taking was visible on COMB and DFCC, which saw increased interest during the previous few sessions. Turnover was 148.4% higher than the month’s daily average registering a near one and a half month high mainly contributed by several off-board transactions.

NDB Securities said mixed interest was observed in Capital Alliance, Watawala Plantations and First Capital Holdings whilst retail interest was noted in SMB Leasing nonvoting, Browns Investments and Dialog Axiata.

The Diversified Financials sector was the top contributor to the market turnover (due to LOLC Finance and Capital Alliance) whilst the sector index lost 0.50%. The share price of LOLC Finance closed flat at Rs. 5.50. The share price of Capital Alliance recorded a gain of Rs 1.60 to Rs. 52.90.

The Banking sector was the second highest contributor to the market turnover (due to Hatton National Bank and Pan Asia Banking Corporation) whilst the sector index decreased by 0.62%. The share price of Hatton National Bank lost one Rupee to Rs. 166.75. The share price of Pan Asia Banking Corporation moved down by 30 cents to Rs. 19.70.

Watawala Plantations was also included amongst the top turnover contributors. The share price of Watawala Plantations appreciated by Rs. 2.50 to Rs. 91.3