Bourse suffers NFOs for sixth day after five months

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The bourse suffered six consecutive market days of net foreign outflows (NFOs) after nearly five months yesterday, due to a sustained combination of uncertainty and high inflation, inimical to its growth.

Yesterday’s NFOs amounted to Rs 9.51 million, increasing NFOs in the calendar year to date to Rs 1.21 billion. The last time previous to yesterday, the bourse suffered NFOs for similar reasons, for six consecutive market days was from 28 January 2022 to 7 February 2022. In the 101 market days that have transpired in the calendar year to yesterday, the bourse has suffered NFOs in 47 of those days.

Nonetheless, in the midst of a parsimonious turnover of Rs 760.55 million and on a low 30.85 million share volume, the ASPI and the S&P SL 20 indices gained by 1.05 and 1.51 per cent to close at 7,502.28 and 2,400.57 points respectively at the end of trading yesterday.

By Paneetha Ameresekere