Bourse makes sharp gains 3rd day

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The bourse continued to bask in the glory of President Gotabaya Rajapaksa’s resignation, making sharp gains for the third consecutive market day to yesterday, further boosted that today’s vote for the Presidency among parliamentarians would see either SLPP MP Dullas Alahapperuma or UNP Leader, acting President and Premier Ranil Wickremesinghe, both considered as having good relations with the West and Japan, unlike Rajapaksa, would be elected to power.

The crux of Sri Lanka’s present socioeconomic problem is the lack of US dollars in both the market and in Government of Sri Lanka’s (GoSL’s) coffers. They may be once more freely available, similar to its first free availability after the political change of 21 July 1977, from the West and Japan only, without Sri Lanka having to mortgage itself to those powers.

Complementing these developments, the benchmark ASPI in the three market days to yesterday increased by 325.88 points (4.45 per cent) to 7,544.12 points and the more sensitive S&P SL 20 Index by 122.23 points (5.23 per cent) to 2,459.45 points, respectively. The bourse made a Rs 1.12 billion turnover yesterday.

The market enjoyed a net foreign inflow (NFI) of Rs 5.6 million yesterday, thereby reducing net foreign outflows that the bourse has suffered in the calendar year to date to Rs 682.2 million. Yesterday was the fourth consecutive market day that the bourse has enjoyed NFIs.  Yesterday also saw 66.78 million shares change hands.

“Spot” Unchanged 12th Day

The benchmark, albeit administered market “spot” closed   yesterday (Tuesday 19 July, 2022) to be trading unchanged for the twelfth consecutive market day at Rs 360/364 to the US dollar in two way quotes, market sources told Finance Today.

By Paneetha  Ameresekere.