Stock market down but net foreign inflow nears Rs. 2 b

Thursday, 9 March 2017 00:50 - - {{hitsCtrl.values.hits}}

Reuters: Shares fell to their lowest close in one month on Wednesday, led by financial and telecommunication stocks as investor sentiment continued to remain low on concerns about rising interest rates.

Foreign investors were net buyers for the sixth straight session, purchasing shares worth Rs. 154.8 million ($ 1.02 million), and extending the year-to-date net foreign inflow to Rs. 1.88 billion worth of equities.

Foreign trading accounted for more than 50% of the day’s turnover of Rs. 1.06 billion. This year, the daily average has been Rs. 685.5 million.

“Foreign investors are buying stocks in which they see some value after prices have come down,” said Softlogic Stockbrokers Deputy CEO Hussain Gani.

The Colombo stock index ended down 0.21% at 6,095.07. It shed 0.6% last week in its second straight weekly decline.

Traders said there were concerns after the International Monetary Fund urged Sri Lanka’s Central Bank to be ready to tighten monetary policy if credit growth or inflation does not abate.

Shares in Commercial Bank of Ceylon Plc, the country’s biggest listed lender, fell 1.27% while Dialog Axiata Plc declined 0.89%.

Yields on treasury bills have risen to a more than four-year high since October, while the Central Bank has kept key policy rates on hold.

CSE bottom of Asia-Pacific list

Reuters: Singapore stocks have led the Asia-Pacific region in price performance in dollar terms so far this year, followed by India and Taiwan.

Sri Lanka and Thailand are at the bottom of the list.

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