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The bourse fell for the third consecutive market day yesterday, bogged by externalities beyond its control. Yesterday saw 131 stocks fall and only 20 having had made gains.
Meanwhile, foreign exits, being a result of these externalities, are caused due to the expectation that the Federal Reserve System would raise its near zero interest rates, last increased nine years ago, due to the recovery of the world's largest economy, as early as this month.
This has led to foreign funds exiting from markets such as Sri Lanka in favour of investing in US based assets. Matters have been made worse due to a global rout led by China, the world's second largest economy, first caused by Beijing sharply depreciating the Yuan last month, coupled with exits from its stock markets thereafter, which Beijing, through State intervention is trying in vain to prop up.
Yesterday saw a net foreign outflow (NFO) of Rs 35.99 million in the local bourse, taking NFOs in the calendar year to date to Rs 3.48 billion and since 26 May, 2015, when such NFOs began in earnest, to a massive Rs 9.42 billion.
As a result, the benchmark ASPI declined by 0.80% to 7,240.39 points and the more sensitive S&P SL 20 Index by 0.65% to 3,981.27 points on a low Rs 662.15 million turnover at yesterday's trading.
The ASPI in the three market days to yesterday has had declined by 1.5%, the S&P by 1.68%, while shareholder wealth lost has been a massive Rs 46.76 billion.
Total number of shares that changed hands yesterday was a paltry 17,705,171; the seventh lowest it has recorded in the calendar year to date. The lowest it has recorded was a number of 10.8 million made on 6 April, 2015; 2nd lowest-10.98 million (14 July, 2015); 3rd lowest-11.7 million (7 April, 2015); 4th lowest-15.4 million (27 March, 2015); 5th lowest-16.2 million (26 January, 2015) and 6th lowest-17.3 million (17 April, 2015). Not a single stock entered the Rs 100 million turnover club at yesterday's trading.
Meanwhile, Tess Agro ("non-voting" (nv) shares), a penny stock, contributed to 6.23% of yesterday's total share volume with a figure of 1.1 million and a miserly Rs 1.65 million to yesterday's total turnover. Tess' nv shares remained unchanged at Rs 1.50 a share.
Courtesy: Ceylon Financial Today 3 September 2015
Meanwhile, foreign exits, being a result of these externalities, are caused due to the expectation that the Federal Reserve System would raise its near zero interest rates, last increased nine years ago, due to the recovery of the world's largest economy, as early as this month.
This has led to foreign funds exiting from markets such as Sri Lanka in favour of investing in US based assets. Matters have been made worse due to a global rout led by China, the world's second largest economy, first caused by Beijing sharply depreciating the Yuan last month, coupled with exits from its stock markets thereafter, which Beijing, through State intervention is trying in vain to prop up.
Yesterday saw a net foreign outflow (NFO) of Rs 35.99 million in the local bourse, taking NFOs in the calendar year to date to Rs 3.48 billion and since 26 May, 2015, when such NFOs began in earnest, to a massive Rs 9.42 billion.
As a result, the benchmark ASPI declined by 0.80% to 7,240.39 points and the more sensitive S&P SL 20 Index by 0.65% to 3,981.27 points on a low Rs 662.15 million turnover at yesterday's trading.
The ASPI in the three market days to yesterday has had declined by 1.5%, the S&P by 1.68%, while shareholder wealth lost has been a massive Rs 46.76 billion.
Total number of shares that changed hands yesterday was a paltry 17,705,171; the seventh lowest it has recorded in the calendar year to date. The lowest it has recorded was a number of 10.8 million made on 6 April, 2015; 2nd lowest-10.98 million (14 July, 2015); 3rd lowest-11.7 million (7 April, 2015); 4th lowest-15.4 million (27 March, 2015); 5th lowest-16.2 million (26 January, 2015) and 6th lowest-17.3 million (17 April, 2015). Not a single stock entered the Rs 100 million turnover club at yesterday's trading.
Meanwhile, Tess Agro ("non-voting" (nv) shares), a penny stock, contributed to 6.23% of yesterday's total share volume with a figure of 1.1 million and a miserly Rs 1.65 million to yesterday's total turnover. Tess' nv shares remained unchanged at Rs 1.50 a share.
Courtesy: Ceylon Financial Today 3 September 2015
