The bourse, wracked by sustained uncertainty, fell to an 18 month low and the S&P SL 20 Index which tracks ‘good’ stocks to a 23 month low, wiping out shareholder wealth to the tune of Rs 180.15 billion (5.39 per cent) in the two market days to yesterday.
Consequently, the ASPI during this period fell by 338.53 points (4.42 per cent) to 7,312.66 points yesterday. A figure low than this was last recorded on 31 December 2020, where the ASPI recorded a value of 6,774.22 points; coinciding with the COVID-19 Pandemic, data showed.
Meanwhile, the S&P SL 20 Index in the two-market days to yesterday fell by 133.75 points (5.41 per cent) to 2,336.44 points. The last time the S&P recorded a lower value than this was 23 months ago on 15 July 2020 with a figure of 2,122.94 points; also coincide during the height of the COVID pandemic in a period where no vaccine for this disease was discovered.
Turnover made yesterday was Rs 815.33 million on a 43.85 million share volume. The made pyrrhic net foreign inflows for the second consecutive market day to yesterday, with yesterday’s figure being Rs 20.52 million, though in the calendar year to date it has suffered net foreign outflows of Rs 1.37 billion.
‘Spot’ unchanged for 6th day
The benchmark, albeit administered market ‘spot’ remained unchanged to be trading at Rs 360/365 to the US dollar for the sixth consecutive market day to yesterday (28), market sources told ‘Finance Today’.
However, last Monday (20), the administered market ‘spot’ strengthened by Rs 1 after nearly 26 months to close at Rs 359/364 to the dollar in two way quotes due to slack demand, before weakening to Rs 360/365 to the dollar in two way quotes the following day Tuesday (21 June) and remaining that way up to Monday, 27 June as well, they said.
Prior to 20 June, the last time the exchange rate (ER) made gains was on 28 April 2021, where it was artificially strengthened by Central Bank of Sri Lanka (CBSL) by between Rs 3-4 to be trading at Rs 199/200 to the dollar in two way quotes, where, however, trades were restricted to bank-client and not bank-bank, similar to the current state of affairs.
By Paneetha Ameresekere