Colombo stocks snap losing streak, turnover weak

June 21, 2018 (LBO) – The stock market in Sri Lanka finally snapped a long losing streak finishing up slightly on the day. The major indices (ASPI and the S&P SL 20) both finished marginally in the green after spending most of the day in the red.

Turnover was weak again at Rs416mn (US$2.6mn).

Net foreign selling on the day was Rs34mn (US$212,000).

The market looks cheap at 10.4 times earnings and 1.26 times book value. However, with emerging markets under pressure due the the US Fed tightening cycle, analysts say it could get cheaper.