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Monday, July 30, 2012

Foreign comeback, a green light for local investors’

Thanks to the economic reforms, foreigners are again active in Sri Lankan stocks, Softlogic Stockbrokers said.

"The oil exploration activities and stabilization of LKR with successful USD1 bn bond issue and the IMF final trance confirmation, all reactivated the dormant overseas fund managers with cash being pulled out from the European and other market sharing the crisis combat. We believe the foreigners are making use of the valuation gap of Sri Lankan equity now trading at an attractive 10.4X," it said.

"Net Buying of foreigners is a powerful incentive for strong reactivation of local investors! It is rational to imitate the offshore investors’ trading now. It seems that the waiting for the market bottom by the foreigners is over. The foreign return would definitely strengthen the confidence level of the local players."

Year-to-date, the bourse has seen a net foreign inflow of Rs. 24.2 billion.

source - www.island.lk