Bourse Gains 4th Day

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The bourse gained for the fourth consecutive market day to yesterday, boosted by USAID Head Samantha Power’s whistle-stop tour of the island over the weekend, consequent to which indices hit five-and-a-half month highs, with the ASPI gaining by 1.12 per cent to 9,813.18 points and the S&P SL 20 Index by 0.81 per cent to 3,156.64 points on a Rs 4.79 billion turnover.

Prior to yesterday, the highest figure the ASPI made was on 28 March with a value of 10,142.29 points and the S&P SL 20 Index, two days later, with a value of 3,196.19 points on 30 March 2022. Also, prior to yesterday, the last time the bourse made at least four consecutive market days of gains was seven days ago, where the bourse, from 30 August to 5 September, comprising a total of five consecutive market days, made daily gains.

Meanwhile the bourse in the nine markets days to yesterday has made consecutive daily turnovers of over Rs four billion. The last time prior to yesterday that the bourse made daily turnovers of over Rs four billion for at least nine consecutive market days was more than seven months ago, where from 27 December 2021 to 9 February 2022 covering 30 consecutive market days, the bourse made daily turnovers of over Rs four billion.

The bourse enjoyed a Rs 53.2 million net foreign inflow (NFI) yesterday, upping NFIs in the calendar year to date to Rs 2,985.4 million on a total 216.54 million share volume.

 ‘Spot’ unchanged 50th day

The ‘spot’ closed unchanged for the fiftieth consecutive market day at Rs 360/364 to the US dollar in two way quotes yesterday, market sources told Finance Today.

Consequently , yesterday, the administered market ‘spot’ was down by between 80-79.31 per cent (Rs 160-161), year on year (YoY); thereby causing cost push inflationary pressure as Sri Lanka is an import dependent economy.

 Meanwhile, yesterday, the value of this official administered ‘spot’ was fixed at Rs 362.20 to the dollar, while a year ago it was fixed at Rs 199.98, down 81.12 per cent (Rs 162.22), YoY. In related developments,  the straitjacketed, inflexible administered market ‘spot’ a year ago was fixed at Rs 200/203 to the dollar in two way quotes, unchanged for the  third consecutive market day to Friday 10 September 2021.

BY Paneetha Ameresekere