Central Bank Governor Nivard Cabraal

SL Ambassador in UAE Malraj De Silva

SEC Chairman Viraj Dayaratne

CSE Chairman Dumith Fernando

By Nisthar Cassim in Dubai

The first-ever post-pandemic Sri Lanka Investor Forum to woo foreign funds to capital market will be held today in Dubai thanks to a multi-stakeholder initiative.

The initiative championed by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC) also marks the resumption of overseas roadshows successfully carried out prior to the onset of COVID-19 pandemic, wooing global portfolio investors to Sri Lankan listed equities and debt.

CSE sources told Daily FT that today’s Sri Lanka Invest Forum at the Sheraton Grand Hotel Dubai would draw around 150 individual and institutional investors based in the United Arab Emirates. 

Central Bank Governor Nivard Cabraal will keynote the forum, which is also the first since President Gotabaya Rajapaksa assumed office.

CSE members and trading members, the Embassy of Sri Lanka, Abu Dhabi and the Consulate General of Sri Lanka to Dubai and Northern Emirates are partnering in the event. Around eight stock broking companies are also attending the forum.

Sri Lanka’s Ambassador in UAE Malraj De Silva, SEC Chairman Viraj Dayaratne, PC, and CSE Chairman Dumith Fernando will also address the forum apart from Cabraal. 

All of them will also figure in a panel discussion.

The forum includes technical sessions, which will cover market outlook by CTCLSA Executive Director Research and Strategy Sanjeewa Fernando, a presentation on banking and insurance by CAL Chief – Strategies Udeeshan Jonas, and manufacturing and telecommunications sector by Platinum sponsor SC Securities Head of Research Charitha Gunasekera. A panel discussion involving these experts will follow, moderated by CSE Chief Executive Officer Rajeeva Bandaranaike.

The Colombo stock market has seen massive foreign net outflow since early 2020. Last year, net foreign selling amounted to Rs. 53 billion, whilst this year, so far, the figure was over Rs. 46 billion. 

Foreign selling is despite the bullish activity by locals, with the market having provided over 50% return year-to-date in terms of movement of the benchmark All Share Price Index (ASPI) and over 48% by the S&P SL20 Index.

The forum in Dubai aims to woo Lankan expatriates as well as foreign and Middle Eastern funds operating out of the UAE.

Organisers said upon the post-COVID imperative of accelerated economic revival, Sri Lanka remained focused and committed to stabilising and re-orienting the economy and ensuring that the country was on a path towards meaningful and sustainable growth.

Previously, CSE-SEC had jointly held Invest Sri Lanka fora in key foreign markets, including the UK, USA, Australia, New Zealand, UAE, India, Switzerland, Hong Kong and Singapore.

Massive Rs. 8 b demand for Rs. 700 m Ex-pack IPO