By Paneetha Ameresekere
Ceylon Finance Today: The stock market fell for the third consecutive market day at yesterday's trading bogged down by the six reasons of retailers staying away from the bourse; paradoxically, market manipulators who previously gave volumes and values to the market also keeping away; foreign investors being bearish due to expectations that the Federal Reserve System will raise its near zero interest rates which have being that way for the past seven years at next week's Fed. Open Market Committee meeting.
The rise in the plethora of indirect taxes in Budget 2016; increase in financial services tax and barring banks from engaging in the leasing business from June of next year and expectations that the low interest rate regime may come to an end, bolstered by a rise in private sector credit growth, not backed by a rise in market liquidity.
As a result, the benchmark ASPI fell by 0.16% to 6,858.63 points; the more sensitive S&P SL 20 Index by 0.15% to 3,632.93 points on a low Rs 388.92 million turnover and 13.36 million share volume (SV).
The companies which shares declined were nearly three times as much compared to gainers, with losers being 102 and gainers 44.
Nevertheless, with the arrest of certain high profile former Securities and Exchange Commission officers involved in the misuse and abuse of power during the tenure of the previous regime and a seeming attempt to clean-up the bourse which was allegedly in amoral hands during that period (see also separate articles found elsewhere on this page), such actions will help to once more restore confidence in the stock market among both local and foreign investors, the sources said.
The market also enjoyed a net foreign inflow of Rs 55.45 million yesterday, though in the calendar year to date it has suffered a net foreign outflow of Rs 3.11 billion.
Blue chip Access Engineering was the only stock to enter the Rs 100 million turnover club yesterday, with a figure of Rs 103.37 million on a share volume (SV) of 4.59 million. In the process, Access saw its share value decline by 0.88% to Rs 22.40 a share.
Access' Rs 103.37 million turnove, constituted 26.58% of the day's total turnover and its SV of 4.59 million, equivalent to 34.32% of yesterday's total SV.
Ceylon Finance Today: The stock market fell for the third consecutive market day at yesterday's trading bogged down by the six reasons of retailers staying away from the bourse; paradoxically, market manipulators who previously gave volumes and values to the market also keeping away; foreign investors being bearish due to expectations that the Federal Reserve System will raise its near zero interest rates which have being that way for the past seven years at next week's Fed. Open Market Committee meeting.
The rise in the plethora of indirect taxes in Budget 2016; increase in financial services tax and barring banks from engaging in the leasing business from June of next year and expectations that the low interest rate regime may come to an end, bolstered by a rise in private sector credit growth, not backed by a rise in market liquidity.
As a result, the benchmark ASPI fell by 0.16% to 6,858.63 points; the more sensitive S&P SL 20 Index by 0.15% to 3,632.93 points on a low Rs 388.92 million turnover and 13.36 million share volume (SV).
The companies which shares declined were nearly three times as much compared to gainers, with losers being 102 and gainers 44.
Nevertheless, with the arrest of certain high profile former Securities and Exchange Commission officers involved in the misuse and abuse of power during the tenure of the previous regime and a seeming attempt to clean-up the bourse which was allegedly in amoral hands during that period (see also separate articles found elsewhere on this page), such actions will help to once more restore confidence in the stock market among both local and foreign investors, the sources said.
The market also enjoyed a net foreign inflow of Rs 55.45 million yesterday, though in the calendar year to date it has suffered a net foreign outflow of Rs 3.11 billion.
Blue chip Access Engineering was the only stock to enter the Rs 100 million turnover club yesterday, with a figure of Rs 103.37 million on a share volume (SV) of 4.59 million. In the process, Access saw its share value decline by 0.88% to Rs 22.40 a share.
Access' Rs 103.37 million turnove, constituted 26.58% of the day's total turnover and its SV of 4.59 million, equivalent to 34.32% of yesterday's total SV.
www.ceylontoday.lk
No comments:
Post a Comment