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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Foreign inflows into CSE at all-time high

Foreign inflows into CSE at all-time high

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Net foreign inflows to the Colombo bourse has hit an all-time high of Rs.34.55 billion amidst solid buying interest in blue chip counters, Acuity Stockbrokers said in a market report yesterday. This was the highest inflow posted since January 1992.

However, the share market continued its downward momentum as November inflation rose to 9.5% year-on-year against 8.9% y-o-y in October and 9.1% y-o-y in September making three consecutive months of decline.

The Acuity report said that the markets were weighed down by depressed retail sentiment with the main All Share Price Index hovering just above the 5,350-point mark.

"ASPI gains on Thursday (plus 28.9 points) failed to offset the rest of the week’s cumulative decline of 84.8 points while average daily volume for the week touched Rs.0.5 billion, 44% below the year-to-date daily average of Rs.0.9 billion," the report said.

"Foreign inflows to the bourse however remained buoyant, hitting an all-time year-to-date high of Rs.34.55 billion amid solid buying interest in blue chip counters."

Acuity expected subdued retail sentiment to predominate this week as well.

The ASPI lost 1.03% (55.86 points) last week while the Milanka dropped 86.38 points (1.74%) and S&P SL20 was down 0.85% (25.29 points) over the week.

JKH, contributing 40.65% of the week’s total market turnover value, was the biggest contributor with Rs.844.54 million followed by Aitken Spence with Rs.158.13 million (7.61%) and Nestle with Rs.8.93 million (4.33%).

The week’s market turnover was down 70.29% to Rs.2.08 billion from the previous week’s Rs.6.99 billion.

John Keells Stock Brokers noted in its weekly market review that the indices had declined over the week on the back of sustained selling pressure across the board on lower volumes with over 70% of the weekly turnover being driven by trades on diversified, food, beverage and tobacco counters inclusive of crossings.

"Foreign participation continued to remain buoyant resulting in a net inflow of Rs.915 million," the report said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=67323

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