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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Decline in net foreign outflow - Positive signal for market

Decline in net foreign outflow - Positive signal for market

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samaritan

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Decline in net foreign outflow - Positive signal for market Niroshan-wijesundara

By Hiran H.Senewiratne

The net foreign outflow at the CSE has come down in June compared to May this year in a positive signal for the market, which indicates that foreign investors still have confidence in the local stock market, Head-Market Development, CSE, Niroshan Wijesundara said.

“May was a critical month due to the outbreak of the Covid 19 third wave after the New Year. Therefore, foreign outflow/selling was Rs. 6.4 billion. However, in June foreign outflow/ selling was to Rs. 3.76 billion, which is quite a healthy situation for the market, Wijesundera told the Island Financial Review.

He also said that in May a Rs. 1.5 billion private placement took place with NDB, which has significant foreign investor participation.

Commenting on LOLC Development Finance, he said that the public holds only 0.03 percent shares in it, which are all illiquid shares and sometimes companies do this to ensure free float of shares in the market, which depends on board requirements.

Amid those developments both indices moved downwards yesterday. All Share Price Index went down by 2 points and S and P SL20 went down by 21.65 points. Turnover stood at Rs. 1.35 billion with a single crossing. The crossing took place in JKH, which crossed 1.86 million shares to the tune of Rs. 242.6 million, its shares traded at Rs. 131.

In the retail market, top five companies that mainly contributed to the turnover were Cargills Rs. 134 million (497,000 shares traded), JKH Rs. 103 million (784.2 million shares traded), LOLC Rs. 64.9 million (164,000 shares traded), LOLC Finance Rs. 60.2 million (8.54 million shares traded) and Dipped Products Rs. 57.6 million (1.1 million shares traded)

During the day, the market was sluggish; the overall valued stocks witnessed a decline, while illiquid speculative counters reported gains. LOLC Finance, Commercial Leasing and Finance and Kotmale Holdings contributed to the All Share Price Index. LOLC Finance contributed 9.5 points, Commercial Leasing and Finance 23 points and Kotmale Holdings contributed seven points to the All Share Price Index. All three companies together contributed 40 points to the All Share Price Index while the market was down by 2 points.

Much talked about LOLC Development Finance share price moved down, which contributed 14.5 negative points to the All Share Price Index and Index heavy JKH also contributed nine negative points to the All Share Price Index.

During the day Commercial Bank share price appreciated by 24 percent or Rs 1.60. Its share price moved upto Rs 8.20 from Rs 6.60. LOLC Finance appreciated its price by 13 points and 80 cents. Its share price moved to Rs 7.10 from Rs 6.30 and Kotmale Holdings share price appreciated by 23 percent or Rs 118.50. Its share price moved to Rs 645 from Rs 526.50.

However, Kotmale Holdings, a subsidiary of Cargills, also witnessed an unusual price increase of its shares, similar to LOLC Development Finance. Cargils owned 31.2 million or 99.5 percent in Kotmale Holdings. Only 0.5 percent or 153,200 shares traded in the market. Its is said that due to the small quantity of shares and illiquid nature of its shares in the stock market, dominating the market imparts a wrong signal on the market, which would affect the image of the market, which needs to be investigated propermanner, stock brokers said. During the day63.5 million share volume changed hands in 17912 transactions.


https://island.lk/decline-in-net-foreign-outflow-from-cse-in-june-compared-to-may-seen-as-sending-positive-signal-for-market/

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