Net foreign inflow to stock market tops Rs. 17 b mark
Thursday, 15 August 2013 00:19
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Despite the gloom and doom talk about the economy by some and the downgrading of banking sector prospects by a few analysts, net foreign inflow to the Colombo stock market crossed the Rs. 17 billion mark yesterday, giving a fresh boost to overall investor sentiments.
Foreign inflows were boosted by a net infusion of Rs. 857.6 million yesterday whilst total foreign buying was Rs. 1.5 billion. Net foreign buying was also highest for a day since 21 May.
The second largest private sector bank HNB saw four crossings totalling 5.9 million of its non-voting shares at Rs. 115 each in a deal worth Rs. 686 million. Foreign holding in HNB rose by 5,578,199 shares yesterday.
Sampath Bank saw foreign buying of 1.87 million shares at Rs. 196 each via four crossings whilst Commercial Bank also saw foreign buying of 0.3 million shares. Local buying was evident when 2.68 million shares of Aitken Spence traded at Rs. 124 each.
Three stocks (HNB, Sampath and Spence) accounted for 72% of the turnover of Rs. 1.94 billion. Renewed foreign interest boosted overall investor sentiments as the ASI gained by over 1%, one of the sharpest gains in recent weeks and propelling the benchmark index to eight-week high. The movement also pushed the year to date gain of ASI back to 10% threshold.
Analysts said continued bullishness on the part of foreigners over returns from Lankan equities remains emphatic though locals remain weak hearted.
