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April 18, 2012 (LBO) - Foreign buying of Sri Lankan stocks so far this year have exceeded the selling for the whole of last year, with most investments in banks and conglomerates, according to data from a brokerage.
The net foreign inflow into the Colombo stock exchange up to April 11 this year amounted to 21 billion rupees, Lanka Securities said in a report.
The net foreign outflow from foreign investors selling shares for the whole of 2011 was 19.2 billion rupees.
Colombo's stock market has hit a bearish patch after hitting records highs for two successive years following the end of the 30-year ethnic war in 2009.
Foreign investors had been net sellers in the two previous years but now have begun buying into fundamentally sound stocks after shares prices fell.
Most of the recent foreign buying has been into banks with Commercial Bank topping the list and now having a foreign shareholding of almost 36 percent.
Foreign investors have also bought into Hatton National Bank and Sampath Bank as well as conglomerates like John Keells Holdings, Carson Cumberbatch and Distilleries.
Other firms in the top 10 that have drawn foreign interest were Lion Brewery and Piramal Glass, Lanka Securities said.
http://lbo.lk/fullstory.php?nid=1376224862
The net foreign inflow into the Colombo stock exchange up to April 11 this year amounted to 21 billion rupees, Lanka Securities said in a report.
The net foreign outflow from foreign investors selling shares for the whole of 2011 was 19.2 billion rupees.
Colombo's stock market has hit a bearish patch after hitting records highs for two successive years following the end of the 30-year ethnic war in 2009.
Foreign investors had been net sellers in the two previous years but now have begun buying into fundamentally sound stocks after shares prices fell.
Most of the recent foreign buying has been into banks with Commercial Bank topping the list and now having a foreign shareholding of almost 36 percent.
Foreign investors have also bought into Hatton National Bank and Sampath Bank as well as conglomerates like John Keells Holdings, Carson Cumberbatch and Distilleries.
Other firms in the top 10 that have drawn foreign interest were Lion Brewery and Piramal Glass, Lanka Securities said.
http://lbo.lk/fullstory.php?nid=1376224862
