Bourse Burns While London Investor Forum Enters 2nd Day

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By Paneetha Ameresekere

Rs 386.68 billion worth of shareholder wealth was wiped out in the two market days, to yesterday, due to the bourse being gripped with sustained uncertainty, led by unrest in the island due to the shortage of essential items, coupled with rising rates due to Sri Lanka suffering over a 20 per cent inflation for a sustained period of time.

Consequently, the ASPI fell to a 165-day low, declining by 807.77 points (7.73 per cent) to 9,647.55 points in the two market days to yesterday, while the S&P SL 20 Index declined to a 187-day low, falling by 301.09 points (8.27 per cent) to 3,338.03 points in the review period.

But while this carnage is continuing, the stock market, with taxpayers’ money has organised an investor forum in London which began on Monday, akin to Nero fiddling while Rome was burning. Meanwhile, turnover made yesterday was Rs 2.70 billion on a share volume of 265.21 million, while the bourse enjoyed a pyrrhic net foreign inflow of Rs 147.69 million in the second consecutive market days to yesterday, though in the calendar year to date it has suffered a net foreign outflow of Rs 2.19 billion.