By Paneetha Ameresekere
Ceylon Finance Today: The bourse made steep gains yesterday on low volumes, Colombo Stock Exchange (CSE) data showed.
Therefore, market sources attributed these pyrrhic gains to possible manipulation because certain high value stocks saw a steep increase in their share prices (SPs) on lackadaisical performances.
"The reality is that the current political uncertainty is dogging the bourse," market sources told Ceylon FT. It expects bloodshed in the run-up to the polls, they said.
Meanwhile, the benchmark ASPI increased by 1.70% to 7,275.68 points and the more sensitive S&P SL 20 Index went up by 1.75% to 4,040.67 points on a Rs 983.57 million turnover yesterday, the first time it went under the Rs 1 billion mark after a five week lapse – which was on 27 October, with a Rs 986.5 million turnover.
In related developments, the market's 4th largest capitalized stock Nestlé saw its SP gain by 2.36% to Rs 2,159.80 a share on a parlous share volume (SV) ..of 996. Nestlé's contribution to the day's turnover was a low Rs 2.2 million. In related developments, the market's 6th largest stock Carsons saw its SP gain by 2.13% to Rs 450 a share on one share.
Carsons' contribution to the day's turnover was Rs 450. And the market's 29th largest stock Hayleys saw its SP gain by 3.66% to Rs 359.90 also on a single share. Hayleys' contribution to the day's turnover was a parsimonious Rs 359.90. These three stocks are also captured by the S&P.
Single biggest contributor to turnover was the market's 18th largest stock Access with
Rs 241.3 million, while its SP increased by 2.98% to Rs 38 a share on a 6.3 million SV.
Nevertheless, the bourse enjoyed a Rs 83.8 million net foreign inflow (NFI), taking NFIs in the year to date to Rs 20.5 billion (US$ 155.4 million). NFIs were led by Access (Rs 200.7 million).
However, according to available statistics, in the three-month period from September 2014, Rs 41,597.29 million (US$ 315.61 million) worth of foreign investments have also exited from the Treasury (T) bond and T bill market, that is, more than double the NFIs into the CSE — where, part of the investments were due to those which exited from the T bill and T bond market, being transferred to the bourse.
These foreign exits are causing pressure on the exchange rate to depreciate.
www.ceylontoday.lk
Ceylon Finance Today: The bourse made steep gains yesterday on low volumes, Colombo Stock Exchange (CSE) data showed.
Therefore, market sources attributed these pyrrhic gains to possible manipulation because certain high value stocks saw a steep increase in their share prices (SPs) on lackadaisical performances.
"The reality is that the current political uncertainty is dogging the bourse," market sources told Ceylon FT. It expects bloodshed in the run-up to the polls, they said.
Meanwhile, the benchmark ASPI increased by 1.70% to 7,275.68 points and the more sensitive S&P SL 20 Index went up by 1.75% to 4,040.67 points on a Rs 983.57 million turnover yesterday, the first time it went under the Rs 1 billion mark after a five week lapse – which was on 27 October, with a Rs 986.5 million turnover.
In related developments, the market's 4th largest capitalized stock Nestlé saw its SP gain by 2.36% to Rs 2,159.80 a share on a parlous share volume (SV) ..of 996. Nestlé's contribution to the day's turnover was a low Rs 2.2 million. In related developments, the market's 6th largest stock Carsons saw its SP gain by 2.13% to Rs 450 a share on one share.
Carsons' contribution to the day's turnover was Rs 450. And the market's 29th largest stock Hayleys saw its SP gain by 3.66% to Rs 359.90 also on a single share. Hayleys' contribution to the day's turnover was a parsimonious Rs 359.90. These three stocks are also captured by the S&P.
Single biggest contributor to turnover was the market's 18th largest stock Access with
Rs 241.3 million, while its SP increased by 2.98% to Rs 38 a share on a 6.3 million SV.
Nevertheless, the bourse enjoyed a Rs 83.8 million net foreign inflow (NFI), taking NFIs in the year to date to Rs 20.5 billion (US$ 155.4 million). NFIs were led by Access (Rs 200.7 million).
However, according to available statistics, in the three-month period from September 2014, Rs 41,597.29 million (US$ 315.61 million) worth of foreign investments have also exited from the Treasury (T) bond and T bill market, that is, more than double the NFIs into the CSE — where, part of the investments were due to those which exited from the T bill and T bond market, being transferred to the bourse.
These foreign exits are causing pressure on the exchange rate to depreciate.
www.ceylontoday.lk
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