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Foreign exits continued for the seventh consecutive day at yesterday's trading, continuing to buffet a weakened rupee, with such a rout led by some of Sri Lanka's star stocks.
The bourse suffered a Rs 183.7 million net foreign outflow yesterday, taking foreign exits from the bourse in......the past seven days closer to the dubious Rs one billion mark. Net foreign exits in the seven market days to yesterday have amounted to Rs 937.6 million.
Such continued foreign exits compelled the Central Bank (CB) to ease the administered price of spot to Rs 133.50 to the US dollar in interbank trading yesterday. CB facilitates such exits by selling dollars to the market at subsidized spot rates from its foreign reserves, due to the absence of sellers at such cheap spot prices, in the foreign exchange market.
Yesterday's rout from the foreign investor market was led by Com Bank (Rs 128.5 million), JKH (Rs 49.3 million) and Sampath Bank (Rs 35.3 million).
Com Bank is the market's third largest capitalized stock, JKH (its largest) and Sampath its sixteenth largest. Over 200 stocks are listed on the Colombo Stock Exchange. Such foreign exits are attributed, due to the prevailing uncertainty on account of a minority government in power.
Nevertheless, amidst this carnage, the benchmark ASPI gained by 0.62% to 7,258.61 points and the more sensitive S&P SL 20 Index by 0.31% to 4,073.56 points on aRs 1.1 billion turnover. The number of share traded was 33 million.
Meanwhile in the calendar year to date, the bourse has enjoyed a net foreign inflow of Rs 3.2 billion (US$ 23.7 million). Conversions are made on the prevailing spot price of Rs 133.50 to the dollar.
Courtesy: Ceylon Finance Today 13 May 2015
The bourse suffered a Rs 183.7 million net foreign outflow yesterday, taking foreign exits from the bourse in......the past seven days closer to the dubious Rs one billion mark. Net foreign exits in the seven market days to yesterday have amounted to Rs 937.6 million.
Such continued foreign exits compelled the Central Bank (CB) to ease the administered price of spot to Rs 133.50 to the US dollar in interbank trading yesterday. CB facilitates such exits by selling dollars to the market at subsidized spot rates from its foreign reserves, due to the absence of sellers at such cheap spot prices, in the foreign exchange market.
Yesterday's rout from the foreign investor market was led by Com Bank (Rs 128.5 million), JKH (Rs 49.3 million) and Sampath Bank (Rs 35.3 million).
Com Bank is the market's third largest capitalized stock, JKH (its largest) and Sampath its sixteenth largest. Over 200 stocks are listed on the Colombo Stock Exchange. Such foreign exits are attributed, due to the prevailing uncertainty on account of a minority government in power.
Nevertheless, amidst this carnage, the benchmark ASPI gained by 0.62% to 7,258.61 points and the more sensitive S&P SL 20 Index by 0.31% to 4,073.56 points on aRs 1.1 billion turnover. The number of share traded was 33 million.
Meanwhile in the calendar year to date, the bourse has enjoyed a net foreign inflow of Rs 3.2 billion (US$ 23.7 million). Conversions are made on the prevailing spot price of Rs 133.50 to the dollar.
Courtesy: Ceylon Finance Today 13 May 2015
