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The stock market led by blue chip John Keells Holdings plc enjoyed the largest net foreign inflow (NFI) after more than three months today with a figure of Rs 494.88 million, thereby increasing NFIs in the calendar year to date to Rs 1.68 billion. Prior to today, the largest NFI the bourse enjoyed was a figure of Rs 468.31 million which took place on 14 February.
Nonetheless, the stock market suffered a daily turnover of under Rs one billion for the nineteenth consecutive market day to today, bogged down by sustained uncertainty led by local investors over the domestic debt restructuring pathway the Government of Sri Lanka is going to follow, coupled with a high inflationary and high interest rate regime, inimical to the growth of the bourse. Yesterday’s turnover was Rs 893.54 million.
Prior to today, the last time the stock market made daily turnovers of under Rs one billion for at least 19 consecutive market days was more than three years ago when the COVID-19 crisis first hit Sri Lanka. Subsequently for 25 consecutive market days, ie from 30 January 2020 to 6 March 2020, the stock market made daily turnover levels of under Rs one billion.
Meanwhile market indices fell, with the benchmark ASPI and the ‘more sensitive’ S&P SL 20 Index falling by 0.48 and 0.27 per cent, yesterday over the previous day Wednesday to 8,712.72 and 2,489.82 points respectively. The number of shares that changed hands yesterday was 22.87 million.