By Jithendra Antonio
The much awaited foreign participation seems to be creeping into the Colombo bourse, as foreigners were the net buyers purchasing shares worth nearly Rs.1 billion last three trading days (including yesterday).
According to CSE data, there had been Rs. 189 million worth of foreign buying against a net outflow of Rs. 89 million. Further on 31 March (Thursday) alone foreigners had bought shares amounting to Rs.793.71 million and subsequently on 1 April (Friday) foreigners had further bought shares worth of Rs.265.88 million against foreign selling at Rs.101.31 million on Thursday and 103.31 million on Friday respectively.
“Now that the market is back to satisfactory levels, forced selling will be over. Definitely there will be foreign interest in buying shares, as they are under priced,” Director Research Capital trust Securities, Sarath Rajapakse pointed out.
“With recent global capital markets soaring until the end of last week and S&P 500 index reaching up, foreign investors are now looking at Colombo stocks as an investment option.”
Meanwhile, several analysts had pointed out that the banking and manufacturing sector shares have been picked by a consortium of foreigners who had recently entered the Colombo bourse. Analysts also opine that the market is yet to surge. Foreign funds are flocking to grab Colombo shares, as the new financial year has just started. However, many listed companies are yet to announce attractive financial results for the first quarter of this year.
source - www.dailymirror.lk
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