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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Markets suffer net outflows of Rs 36.6B

Markets suffer net outflows of Rs 36.6B

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1Markets suffer net outflows of Rs 36.6B Empty Markets suffer net outflows of Rs 36.6B Mon Jun 29, 2015 9:13 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Ceylon Finance Today: Foreign outflows continued to dominate the markets due to the current political instability in the country, with the stock market and the government securities market suffering a total net foreign outflow of Rs 2.8 billion (US$ 26.27 million) last week.


Fears of this instability first hit the government securities market, with the stock market following soon afterwards. In the nearly eleven weeks that have elapsed since 15 April, the government securities market has suffered a total of Rs 32.87 billion ($ 245.81 million) in net foreign outflows, while the Colombo Stock Market in the five weeks that have lapsed since 25 May, has suffered a net foreign outflow of Rs. 3.7 billion ($ 27.68 million).
This brings a total of Rs 36.6 billion ($ 273.49 million) worth of net foreign outflows that the markets have suffered in the two review periods.



Such outflows cause depreciating  pressure on the rupee. Central Bank (CB) is currently controlling the rupee at Rs 133.70 to the US dollar in interbank spot trading. To make matters worse, the trade deficit in the first four months of the year increased by 3.9% year on year to US$ 2.7 billion, causing further depreciating pressure on the rupee, according to latest data.



In related developments, government's foreign debt servicing commitments in the 12 months to end May 2016 increased by 3.2% or by US$ 203.67 million to US$ 6.6 billion. Of this commitment, the government has to meet US$ 1.8 billion, this month and the following month (July and August), causing a further blow to the rupee's stability.
Courtesy: Ceylon Financial Today 29 June 2015

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