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ASPI down 140 pts., S&P: 90 pts., as foreign exits continue - Bloodbath in bourse Vote_lcap68%ASPI down 140 pts., S&P: 90 pts., as foreign exits continue - Bloodbath in bourse Vote_rcap 68% [ 178 ]
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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » ASPI down 140 pts., S&P: 90 pts., as foreign exits continue - Bloodbath in bourse

ASPI down 140 pts., S&P: 90 pts., as foreign exits continue - Bloodbath in bourse

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The bourse suffered a massive bloodbath at yesterday's trading which saw the benchmark ASPI decline by 1.87% (140.08 points) to 7,331.09 points and the more sensitive S&P SL 20 Index by 2.30% (95.38 points) to 4,045.30 points on a Rs 3.37 billion turnover.


The rout was led by global stocks, stoked by fears over the stability of the Chinese economy, the world's second largest, which percolated down to the rest of the world, causing a worldwide hemorrhaging of equities, including in those of tiny Sri Lanka's. Matters are made worse due to foreign exits from economies such as Sri Lanka to the US economy because of expectations that the Federal Reserve System would begin raising its near zero interests, last increased nine years ago, as early as next month, due to the recovery of the world's largest economy, causing the bourse to bleed further.



Yesterday, the bourse suffered a net foreign outflow (NFO) of Rs 163.62 million; taking NFOs in the calendar year to date to Rs 1.33 billion and since 25 May, 2015; to a gargantuan figure of Rs 7.27 billion.
Foreign exits also cause depreciating pressure on the exchange rate, with the authorities currently defending the local currency at Rs 134.10 to the US dollar in interbank 'spot' trading.
Meanwhile, Taprobane Holdings, a junk stock, contributed to 51.47% of yesterday's total turnover and 80.75% of its share volume (SV), with figures of Rs 1.73 billion and 315.6 million respectively. The total number of its shares traded yesterday was 390.86 million shares.Taprobane saw its share value (SVa) close unchanged at Rs 5.10 a share.



Three other blue chips also entered the Rs 100 million turnover club at yesterday's trading. They were Com Bank (Rs 377.32 million), HNB (Rs 119.18 million) and JKH (Rs 103.44 million) respectively. But in the process, HNB saw its SVa close, down 1.93% to Rs 223 a share on a 531,173 SV; Com Bank, down 2.46% to Rs 170.70 on a SV of 2.21 million and JKH, down 2.96% to Rs 183.90 a share on a SV of 559,607.
Courtesy: Ceylon Financial Today 25 August 2015

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