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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka: Net foreign inflow into Sri Lankan equities top Rs. 7.71 billion year to date

Sri Lanka: Net foreign inflow into Sri Lankan equities top Rs. 7.71 billion year to date

+2
reyaz
SelvaKolla
6 posters

Go down  Message [Page 1 of 1]

SelvaKolla


Stock Analytic
Stock Analytic
COLOMBO, April 12 (Reuters) - Sri Lankan shares extended gains for an eleventh straight session, posting their biggest single-day gain in more than two years, as foreign investors aggressively bought blue chip stocks.

The Colombo stock index ended 1.55 percent firmer at 6,402.99, its highest close since Nov. 15, 2016. The index recorded its biggest percentage gain since Feb. 6, 2015.

The index has gained 1.75 percent during the week, posting its third weekly gain in eight. It has climbed 7.16 percent in the last 11 sessions through Wednesday.

The market has seen fund inflows for 16 straight sessions through Wednesday, with foreign investors buying a net 5.22 billion rupees ($34.31 million) worth of equities in the same period.

They net bought shares worth 319 million rupees on Wednesday, raising the year-to-date net foreign inflow into equities to 7.71 billion rupees.


"Continuous foreign buying in John Keells Holdings and Ceylon Tobacco Company helped the gain," said Atchuthan Srirangan, a senior research analyst with First Capital Holdings PLC.

Shares of Ceylon Tobacco Company plc jumped 9.8 percent, while Ceylon Cold Stores Plc gained 2.87 percent and biggest listed Lender Commercial Bank of Ceylon Plc rose 2.66 percent and conglomerate John Keells Holdings Plc rose 1.33 percent.

Turnover stood at 2.37 billion rupees, the highest since Feb. 28 and well above this year's daily average of 780.7 million rupees.

Sri Lanka will celebrate its traditional new year this week and the markets will be closed on Thursday and Friday. ($1 = 152.1300 Sri Lankan rupees)

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Be careful what you wish for. This 'foreign buying' may be a local fly in disguise

TARGET


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@reyaz wrote:Be careful what you wish for. This 'foreign buying' may be a local fly in disguise
How is that? Can you explain more ?

Teller

Teller
Moderator
Moderator
Agree with Reyaz . Sharks can control any type of stock market . It's happening here currently . That's why less faith on CSE now . Not much trust .
It's good for a medium-long term investors only


_________________




Teller said is said..

kovida

kovida
Manager - Equity Analytics
Manager - Equity Analytics
Be careful what you wish for. This 'foreign buying' may be a local fly indisguise


I would like to know how it happens. Please elaborate it further.

kovida

kovida
Manager - Equity Analytics
Manager - Equity Analytics
@reyaz wrote:Be careful what you wish for. This 'foreign buying' may be a local fly in disguise
Still I am awaiting for a an answer. Either you or TELLER could clarify it. How it could be a local fly.

Teller

Teller
Moderator
Moderator
It can arise in several ways . Suppose you are a local business owner with billions of rupees in hand but some earnings want to take out from the country. In that scenario you want to launder this cash . How you can do this? There are 8-12 ways to do so .
As example you are going to start a business but you want to buy machineries from UK . The Actual invoice will be 1 million pounds . Instead of this one million , you advise to supplier to be invoiced 2 million with some fake description . When machine arrive to Sri Lanka, you may pay some additional taxes but you can easily take your money out. So those funds can be utilized with your foreign agent to buy shares.
The second thing , local investor can negotiate with some international investors to buy on behalf of him with a hidden agreement.
These will be accounted as foreign purchased.
Currently I buy from Indian market too but I don't have account . So invest my Indian friends name . The same thing doing by my Indian friend too. he invests CSE by my name . We buy shares equivalent amount in USD and enjoy . This is based on our friendship not recommend for others.


_________________




Teller said is said..

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Teller put it beautifully  Very Happy 
Point to be noted that politics also can be used instead or in line with long time bokka friendship  bounce

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Teller's second scenario may be more active in Sri Lanka. First option adds extra money such as import tax to investment cost.

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