Investor-Friendly Budget Uplifts Bourse

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The Bourse sharply gained yesterday’s in the backdrop that the interim budget presented by President Ranil Wickremesinghe in Parliament had no investor terrors, but, rather was positive, underlined by the fact that the President announced that 20 per cent shares each of both Bank of Ceylon and People’s Bank shares would be sold to the public, by way of being offered to its depositors and employees.

Consequently, the ASPI and the S&P SL 20 indices each gained by 1.52 per cent and 1.13 per cent each to close at 8,865.40 and 2,862.75 points respectively yesterday on a Rs 1.81 billion turnover and on a 81.30 million share volume.

Further, the Bourse enjoyed net foreign inflows (NFIs) for the 11th consecutive market day to yesterday, with yesterday’s NFI being Rs 237.6 million, thereby reducing net foreign outflows for the calendar year to date to Rs 274.9 million. The last time prior to yesterday that the bourse enjoyed NFIs for at least 10 consecutive market days was more than four-and-half years ago, where for at least 11 consecutive market days, from 2 January 2018 to 17 January 2018, the Bourse enjoyed continuous NFIs on a daily basis.

By Paneetha Ameresekere