The stock market witnessed a net foreign outflow (NFO) of Rs 451.34 million yesterday, taking NFOs in the three days to yesterday to a massive Rs 1.3 billion. Outflows are attributed to unstable political conditions and a strong US dollar.
Yesterday's outflows were led by Com Bank
(Rs 367 million), Union Bank (Rs 84.2 million) and JKH (Rs 56.4 million) respectively.
Nevertheless, the benchmark ASPI gained by 0.03% to 7,255.71 points and the more sensitive S&P SL 20 Index by 0.10% to 7,255.71 points on a
Rs 1.38 billion turnover. Total number of shares traded was a modest 28.84 million.
Indices were propped up by Distilleries' shares increasing by 2.87% to Rs 279.90 a share on a pedestrian share volume of 32,963 and on a turnover contribution of Rs 9.2 million.
Only two stocks entered the Rs 100 million turnover club yesterday. It was led by the market's third largest capitalized stock Com Bank (Rs 514.59 million) and the market's largest capitalized stock JKH (Rs 130.64 million) respectively. But in the process Com Bank saw its share value decline by 0.55% to Rs 164.20 a share and JKH, by 0.30% to Rs 200 a share respectively. Com Bank saw 3.13 million shares change hands and JKH (652,548). Losers outnumbered gainers by a ratio of 111:75.