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The stock market continued to lose its momentum as predicted in the lead story on these pages in its last week’s edition, compounded by foreigners fleeing the market, made worse by the UN’s negative war report on the island.
“There is panic selling by foreigners in the backdrop of the UN war report on the island,” a market source told this reporter. “We may expect more to exit in the coming days, “he said.
The psyche of the foreign investor is such that he is looking at the next chapter, ie after the war report what is the next step that the UN would take?, the source said.
If as a next step the UN imposes sanctions on the island that would be detrimental to Sri Lanka’s economy. Those are the issues that are besetting the minds of foreign investors, that’s why they are exiting from the market, he said.
“The UN’s war report doesn’t help,” another market source said, referring to the foreigners’ negative perception of the market, though, foreigners, after booking profits have been exiting from the market in a continuous stream in recent times, he said.
The market, with a price to earnings ratio of 26.2 times is also too expensive for them to invest, the source said.
Read the full story at
http://www.thesundayleader.lk/?p=37954
“There is panic selling by foreigners in the backdrop of the UN war report on the island,” a market source told this reporter. “We may expect more to exit in the coming days, “he said.
The psyche of the foreign investor is such that he is looking at the next chapter, ie after the war report what is the next step that the UN would take?, the source said.
If as a next step the UN imposes sanctions on the island that would be detrimental to Sri Lanka’s economy. Those are the issues that are besetting the minds of foreign investors, that’s why they are exiting from the market, he said.
“The UN’s war report doesn’t help,” another market source said, referring to the foreigners’ negative perception of the market, though, foreigners, after booking profits have been exiting from the market in a continuous stream in recent times, he said.
The market, with a price to earnings ratio of 26.2 times is also too expensive for them to invest, the source said.
Read the full story at
http://www.thesundayleader.lk/?p=37954
