Net foreign outflows on the Colombo bourse last week had hit a seven-week high with some analysts attributing the foreign exit as a reaction to the UNHRC decision on Sri Lanka in Geneva on Thursday.
"Foreign sales on Friday rose sharply to Rs.2.9 billion, the highest outflow in a single day since February 6, 2014," the Weekly Stock Market Report from Acuity Stockbrokers said.
"Net foreign outflows from equities consequently rose to a 7-week high, helping extend the bourse’s year-to-date outflow position to Rs.6.99 billion."
This compared with a net foreign inflow of Rs.22.8 billion for the comparative period last year.
JKH, described as the blue chip that was the foreign investor favourite, bore the brunt of the sell-off, the report noted. But by close of trading both the ordinary shares and warrants (W0022) had gained 2.15% and 5.74% respectively.
"The ASPI’s failed to break the key 6,000 point resistance barrier due to selling pressure and profit taking in selected counters this week,’’ the report said.
"Nevertheless, the final decision on the long-awaited UNHRC vote subdued some of the volatility that has dominated markets in the run up to the meeting."
Both the ASPI and S&P SL20 closed the week in the green with the All Share Price Index gaining 34.30 points (0.58%) and S&P SL20 up 32.65 points (1.01%). The ASPI was up 0.58% week-on-week and S&P SL20 up 1.01%.
JKH was the highest contributor to the week’s turnover accounting for 52.54% of the total of Rs.3.3 billion as a result of heavy foreign selling of the counter.
Crossings on NDB on Thursday saw this stock post a turnover of Rs.1.29 billion to account 25.53% of the total while Janashakthi ran third with a turnover value of Rs.218.13 million accounting for 3.47% of the total.
John Keells Stock brokers said in its Stock Market Weekly that the ASPI had traded within a narrow range over the week with activity levels driven on Friday by large trades in JKH and NDB accounting for 73% of the week’s turnover.
Foreign participation picked up on the selling side over the week recording a net outflow of Rs.2.8 billion, JKSB said.
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"Foreign sales on Friday rose sharply to Rs.2.9 billion, the highest outflow in a single day since February 6, 2014," the Weekly Stock Market Report from Acuity Stockbrokers said.
"Net foreign outflows from equities consequently rose to a 7-week high, helping extend the bourse’s year-to-date outflow position to Rs.6.99 billion."
This compared with a net foreign inflow of Rs.22.8 billion for the comparative period last year.
JKH, described as the blue chip that was the foreign investor favourite, bore the brunt of the sell-off, the report noted. But by close of trading both the ordinary shares and warrants (W0022) had gained 2.15% and 5.74% respectively.
"The ASPI’s failed to break the key 6,000 point resistance barrier due to selling pressure and profit taking in selected counters this week,’’ the report said.
"Nevertheless, the final decision on the long-awaited UNHRC vote subdued some of the volatility that has dominated markets in the run up to the meeting."
Both the ASPI and S&P SL20 closed the week in the green with the All Share Price Index gaining 34.30 points (0.58%) and S&P SL20 up 32.65 points (1.01%). The ASPI was up 0.58% week-on-week and S&P SL20 up 1.01%.
JKH was the highest contributor to the week’s turnover accounting for 52.54% of the total of Rs.3.3 billion as a result of heavy foreign selling of the counter.
Crossings on NDB on Thursday saw this stock post a turnover of Rs.1.29 billion to account 25.53% of the total while Janashakthi ran third with a turnover value of Rs.218.13 million accounting for 3.47% of the total.
John Keells Stock brokers said in its Stock Market Weekly that the ASPI had traded within a narrow range over the week with activity levels driven on Friday by large trades in JKH and NDB accounting for 73% of the week’s turnover.
Foreign participation picked up on the selling side over the week recording a net outflow of Rs.2.8 billion, JKSB said.
www.island.lk
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