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The Colombo Stock Exchange on Friday recorded an outflow of 2.7 billion rupees with a foreign fund selling its shares in John Keells Holdings, a blue chip company. The fund divested of its 12.5 million shares in JKH. The outflow led to speculation that foreign investors were exiting the market due to the passing of a resolution on Sri Lanka at the UN Human Rights Council (UNHRC) in Geneva on Thursday. Some analysts were quoted as saying that investors were “worried about the economic impact and growth due to the resolution”.
Several other independent analysts said, however, that the sale of JKH shares was unlikely to have been tied to any actions at the UNHRC. They said it was probable that the Janus Capital Group had divested of its shares in JKH — and that the US-headquartered firm had been looking to sell for several months. “It has nothing to do with the resolution,” said one analyst, requesting anonymity. “Pretty much what happened to Janus yesterday was that it found a buyer.”
“Friday’s outflows were attributable to one share,” said another independent analyst. “It was not by any means widespread or endemic to the whole market. The anecdotal evidence is that Janus sold its shares. If it is, indeed, Janus, it had been looking to sell its stake in JKH for some time and the outflow cannot be connected to the UNHRC resolution.”
“It was a coincidence that the deal was closed on Friday,” he continued. “One share, one fund, should not be taken as a reflection of broader sentiment.
It was only a day since the resolution was passed and, to be honest, the result at the UNHRC should not have come as a surprise.”“Most foreigners investing in Sri Lanka are aware of what is going on and what has been expected,” this analyst stressed. “I don’t think it changes their views. Those who are going to invest will invest. Those who are going to sell will sell and those who are buying will continue to buy.”
Courtesy - Sunday Times
http://www.sundaytimes.lk/140330/news/major-outflow-at-stock-market-but-geneva-connection-ruled-out-91050.html
Several other independent analysts said, however, that the sale of JKH shares was unlikely to have been tied to any actions at the UNHRC. They said it was probable that the Janus Capital Group had divested of its shares in JKH — and that the US-headquartered firm had been looking to sell for several months. “It has nothing to do with the resolution,” said one analyst, requesting anonymity. “Pretty much what happened to Janus yesterday was that it found a buyer.”
“Friday’s outflows were attributable to one share,” said another independent analyst. “It was not by any means widespread or endemic to the whole market. The anecdotal evidence is that Janus sold its shares. If it is, indeed, Janus, it had been looking to sell its stake in JKH for some time and the outflow cannot be connected to the UNHRC resolution.”
“It was a coincidence that the deal was closed on Friday,” he continued. “One share, one fund, should not be taken as a reflection of broader sentiment.
It was only a day since the resolution was passed and, to be honest, the result at the UNHRC should not have come as a surprise.”“Most foreigners investing in Sri Lanka are aware of what is going on and what has been expected,” this analyst stressed. “I don’t think it changes their views. Those who are going to invest will invest. Those who are going to sell will sell and those who are buying will continue to buy.”
Courtesy - Sunday Times
http://www.sundaytimes.lk/140330/news/major-outflow-at-stock-market-but-geneva-connection-ruled-out-91050.html
