Decline in net foreign outflows from CSE this year

By Hiran H.Senewiratne

The CSE noted a decline in net foreign outflows this year compared to the previous two years. It is said that to date only Rs 680 million in foreign outflows have been reported. However, in 2021 Rs 52.2 billion in foreign outflows had been reported, while in 2020 that corresponding amount was Rs 51 billion, stock market analysts said.

The reason for this decline is mainly the rupee depreciation against the US dollar. Some foreign investors are waiting until the economic situation stabilizes because to dispose of their shares at this juncture would not enable them to reap any financial benefits, stock analysts said.

Amid those developments the stock market was negative throughout yesterday because local and foreign investors are adopting a wait- and- see approach. The energy crisis is adding insult to injury due to there being less economic activities in the country, stock market analysts said.

Therefore both indices were down. All- Share Price Index went down by 9.25 points and S and P SL20 declined by 8.02 points. Turnover stood at Rs 693 million without a crossing.

In the retail market, top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 98 million (571,000 shares traded), Hayleys Fabrics Rs 74.2 million (2.2 million shares traded), Hayleys Rs 43.1 million (602,000 shares traded), Lanka IOC Rs 41.7 million (505,000 shares traded), CIC Holdings (Non-Voting) Rs 38.6 million (1.3 million shares traded), Sunshine Holdings Rs 37.2 million (1.1 million shares traded) and Browns Investment Rs 35.2 million (4.9 million shares traded). During the day 37.3 million share volumes changed hands in 11000 transactions.

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