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Market turnaround remains elusive
Jan 6, 2011 (LBT) - The market was off to a sluggish start to the year with a WoW loss of 2.4% recorded on the ASI with retailers in absentia. Retailers continued to shun the market despite the commencement of trading of two IPO’s at the beginning of the week. Foreign institutional and high net worth investors followed suit with net foreign sales recorded in a number of fundamentally strong counters such as Commercial bank & Hayleys. The continued decline in foreign participation could also be partly attributed to the worsening current account position of the economy which led to the circulation of news items in the media hinting at the possibility of a further devaluation of the Rupee. Despite the Central banks best attempts to quash the reports, the damage had already been done as evident in the net foreign outflow of LKR154.42mn.
However despite the poor performance of the equity market, the Central bank succeeded in arresting the continuous rise in treasury yields which remained flat across all maturities at this week’s auction. This fact in conjunction with the Inflation in the month of December remaining at single digit levels, offers hope to investors for the coming weeks.
http://www.lbt.lk/news/market/994-elusive-turnaround
Jan 6, 2011 (LBT) - The market was off to a sluggish start to the year with a WoW loss of 2.4% recorded on the ASI with retailers in absentia. Retailers continued to shun the market despite the commencement of trading of two IPO’s at the beginning of the week. Foreign institutional and high net worth investors followed suit with net foreign sales recorded in a number of fundamentally strong counters such as Commercial bank & Hayleys. The continued decline in foreign participation could also be partly attributed to the worsening current account position of the economy which led to the circulation of news items in the media hinting at the possibility of a further devaluation of the Rupee. Despite the Central banks best attempts to quash the reports, the damage had already been done as evident in the net foreign outflow of LKR154.42mn.
However despite the poor performance of the equity market, the Central bank succeeded in arresting the continuous rise in treasury yields which remained flat across all maturities at this week’s auction. This fact in conjunction with the Inflation in the month of December remaining at single digit levels, offers hope to investors for the coming weeks.
http://www.lbt.lk/news/market/994-elusive-turnaround
