CSE sees fresh Rs. 1 b net foreign selling; YTD figure crosses Rs. 5 b mark

Net foreign selling shot up yesterday at the Colombo stock market increasing the year to date figure to over Rs. 5 billion though the indices remained on the up.

Foreigners recorded a net outflow of Rs. 1.1 billion largely on account of LOLC Finance. The year to date net foreign selling was Rs. 4 billion when market opened yesterday.

The benchmark ASPI was up by 0.37% and the active S&P SL20 by 0.26%. Turnover was Rs. 2.3 billion involving 263.45 million.

Asia Securities said the indices extended their upward trajectory for the fourth consecutive session with the ASPI hitting a three-month high of 10,882 (+40 points) supported by heightened buying interest across the board. 

Notably, consistent buying was observed in stocks that have announced dividends. AMF (+14.0%) saw a significant pick-up in prices while LMF (+3.9%), LLUB (+2.9%), SUN (+3.5%), CFVF (+2.2%), and CICX (+2.8%) contributed to the ASPI’s upward movement during the session. Furthermore, finance companies PLC (+2.8%) and COCR (+2.0%) saw steady accumulation throughout the session. The breadth of the market was strong with price gainers outnumbering decliners by a wide margin of 113 to 53.

LOFC topped the turnover list due to Rs. 1 billion foreign selling through off-board transactions. Excluding LOFC, LMF (Rs. 151 million), LIOC (Rs. 84 million), and AMF (Rs. 78 million) led turnover during the session. 

NDB Securities said crossings were witnessed in LOLC Finance, Lion Brewery,

Tokyo Cement Company and Access Engineering accounting for 47.4% of the turnover. Mixed interest was observed in Lanka IOC, Associated Motor Finance Company and Chevron Lubricants whilst retail interest was noted in Lanka Milk Foods, Marawila Resorts and Browns Investments. 

The Diversified Financials sector was the top contributor to the market turnover (due to LOLC Finance and Associated Motor Finance Company) whilst the sector index gained 1.52%. The share price of LOLC Finance increased by 20 cents to Rs. 4.80. The share price of Associated Motor Finance Company gained by Rs. 3 to Rs. 24.50.

The Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Lanka Milk Foods and Lion Brewery) whilst the sector index increased by 0.12%. The share price of Lanka Milk Foods gained by one Rupee to Rs. 26.50. The share price of Lion Brewery closed flat at Rs. 950.

Lanka IOC was also included amongst the top turnover contributors. The share price of Lanka IOC moved up by one Rupee to Rs. 111.

Separately Laxapana Batteries and Royal Ceramics declared interim dividends of Rs. 1.50 and Rs. 2 respectively.