Another 2018 record low for Sri Lanka stocks

June 19, 2018 (LBO) - The Colombo Stock Exchange continued its slow bleed lower today hitting record lows for the second consecutive day in 2018. The All Share Price Index (ASPI), the market cap weighted index of all listed stocks, closed down .71% to 6265.  The S&P Sri Lanka 20 index dropped 1.15% to 3473.  The ASPI is down is down 1.63% and the S&P SL 20 is down 5.4% YTD. Turnover stood at a weak Rs638mn (US$400,000). Sri Lanka's market bellwether John Keells Holdings (JKH) was down 3.16% to Rs150.  The market cap of JKH, Sri Lanka's largest listed company, stood at Rs208bn (US$1.3bn).  Ceylon Tobacco (CTC) which also has a market cap close to US$1.3bn, was down 1.6%.  Together, CTC and JKH account for 15% of the market capitalisation of Sri Lankan stocks. There was net foreign investor buying of Rs76mn (US$475,000) on the day, however YTD there have been net foreign outflows. Analysts say that with emerging markets in Asia experiencing the largest YTD outflows since 2008, the prospect for more foreign selling of Colombo stocks seems likely.
Notify of
Inline Feedbacks
View all comments
Would love your thoughts, please comment.x