Shareholder wealth wiped out increases to Rs 1,77B


Shareholder  wealth wiped out increased to  Rs 177.21 billion in the two consecutive market days to yesterday,  with market indices suffering one of their steepest falls in a day, yesterday, due to sustained uncertainty, buttressed by over 30 per cent inflation. High inflation makes it more conducive to invest in the interest rate market rather than in the bourse for better returns.

Consequently the ASPI recorded its lowest figures after 25 days and the S&P SL 20 Index by 28 days, complemented by the ASPI declining by 251.16 points (3.12 per cent) to 7,803 points over its previous market day Friday’s value and the S&P SL 20 Index by 108.61 points (4.10 per cent) to 2,539.06 points. Figures lower than these were last recorded for the ASPI on 12 May with a number of 7,754.62 points and for the S&P with a value of 2,443.05 points on 9 May, respectively.

The Bourse made a Rs 1.46 billion turnover on a share volume of 73.16 million yesterday.  However, the Bourse enjoyed a pyrrhic net foreign inflow of Rs 49.49 million yesterday, though in the calendar year to date it has suffered a net foreign outflow of Rs 1.1 billion.   

By Paneetha Ameresekere