October 16, 2018 (LBO) – Shares of recently sinking market bellwether John Keells Holdings (JKH) have transacted close to Rs1.3bn (US$7.5mn) worth of shares today, with transactions done in several blocks through the day.
Most of the shares were done at a price of Rs126-127, multiyear lows for the stock. Late in the trading day things picked up, with some shares trading as high as rs130. The stock closed at Rs129, up 2.5% on the day.
Trading in the market’s most liquid stock accounted for over 80% of total trading at the Colombo Stock Exchange (CSE) for the day.
In the broader market, foreign investors were net sellers of Rs500mn worth of stocks for the day. Foreigners have been net sellers of JKH year to date due to outflows from emerging market funds. Many sources say that there are still many more foreign sellers in the pipeline.
Block trades in JKH are being closely watched as speculation builds with regard to who the potential local buyers of the foreign selling in JKH will be.