14 October 2020 09:11 am
The Colombo Stock Exchange’s (CSE) turnover crossed Rs.5 billion mark yesterday, highest recorded since January this year, on local retail and high net worth investor play, although both indices lost ground.
CSE also recorded 41,688 trades during the day, the highest in nine years. However, the main All Share Price Index lost 38.08 points or 0.65 percent to close at 5, 802.97 while more liquid S&P SL20 lost 30.9 points or 1.32 percent to close at 2, 303.81. The day’s turnover was Rs.5.03 billion. Despite over Rs.5 billion turnover, total foreign activity for the day was just 2.3% of it, as total foreign purchases amounted to Rs.44 million while foreign sales amounted to Rs.184 million, which resulted in a net outflow of Rs.140 million.
The top contributors to the turnover were: Expolanka (Rs.864.2mn), R I L Property (Rs.372.8mn), Piramal Glass (Rs.341.1mn), Tokyo Cement (Rs.339.4mn) and Sierra Cables (Rs.336mn).
Among other heavily traded stocks yesterday were: Panasian power, Browns Investment, Renuka Agri, Asia Siyaka, Tess Agro, Raigam Wayamba Salteren, Lankem Development and
Industrial Asphalts.
Despite heavy foreign selling, which is over Rs.40 billion year-to-date (YTD), local investors remain bullish over Sri Lanka’s prospects and the market appears to be confident of local investors having enough fire power to absorb the disposal of shares by foreign investors.
In the last 30 days, ASPI has gained over 13.2 percent, highest among global indices, although it has fallen over 5.3 percent YTD.