Bourse on Four-Month High Turnover crosses Rs 5 B

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The Bourse gained for the ninth consecutive market day to yesterday,  with yesterday’s gains over that of Monday’s being the ASPI increasing by 0.91 per cent to 8,500 points and the S&P SL 20 Index by 0.35 per cent to 2,803,88 points on a Rs 5.34 billion turnover.

Prior to yesterday, market indices made higher values than these were more than four months ago, i.e. on 6 April, where the ASPI closed at 8,580.93 points and the S&P SL 20 Index, five days earlier on April Fools’ Day at 2,830.93 points, respectively.   

Prior to yesterday, the last time the Bourse passed the Rs five billion mark was nearly six months ago on 18 February where it made a turnover of Rs 5.15 billion. Meanwhile, prior to yesterday, the last time the Bourse made gains for nine consecutive market days was nearly  one year and  four months ago, where, for a total of nine consecutive market days, from 31 March 2021 to 15 April 2021, the Bourse, heralded by a low interest rate regime made such consecutive gains.

Also, this is the first time after more than five months that the Bourse has made daily turnovers of over Rs three billion for four consecutive market days to yesterday, with  Monday’s figure being Rs 3.33 billion, last Friday’s (5 August) Rs 3.75 billion and that of last Thursday’s being Rs 3.80 billion.

The last time prior to yesterday that the Bourse made over a Rs three billion daily turnover for  a minimum of four consecutive market days were for five consecutive market days from 23 February to 2 March, with figures of  Rs 4.52 billion, Rs 3.71 billion, Rs 4.21 billion, Rs 4.29 billion and Rs 3.07 billion, respectively.

  The Bourse enjoyed a net foreign inflow (NFI) of Rs 74.25 million yesterday, though in the calendar year to date it has suffered a net foreign outflow of Rs 974.6 million. The total number of shares that changed hands yesterday was 151.06 million.

‘Spot’ unchanged 27th day

The benchmark, albeit administered market ‘spot’ closed unchanged for the twenty-seventh consecutive market day at Rs 360/364 to the US dollar in two way quotes to yesterday (Tuesday,9 August), market sources told Finance Today.

Yesterday, the administered market ‘spot’ was down between 78.22-79.31 per cent (Rs 158-161) year-on-year (YoY); thereby causing cost push inflationary pressure as Sri Lanka is an import dependent economy, they said.

The band in which the ‘guided market spot’ may currently operate is fixed at +/- three per cent of the officially administered ‘spot’ value, where the latter is applicable for transactions involving the GoSL, CBSL and or between the GoSL and/or CBSL with the market, which was fixed at Rs 360.94 to the dollar yesterday.

They further said that trades in the administered market ‘spot’ (Rs 360/364) yesterday were mainly restricted to ‘bank-client’ outright trades, while the interbank foreign exchange (FX) market was however dominated by swaps, which were outside the domain of the FX market for this purpose.

In like developments, the administered ‘spot’ for official purposes, such as for trades involving CBSL, GoSL and/or CBSL, GoSL and the market, YoY to   yesterday has depreciated by  80.55 per cent (Rs 161.03).

By Paneetha Ameresekere