HNWIs active in CSE
Several high net-worth individual activities have been recorded in the Colombo bourse over the past month, stock market analysts said.
Some of the country’s top corporate names were transacting in the bourse in the last few months. Stockbrokers also predicted several strategic stakes may change hands in the coming months.
However, the stock market saw several foreign selling transactions. Analysts noted that this high in selling is hinged on the country’s rating and the impact on the Adani group’s negative publicity on large counters such as John Keells Holdings (JKH) which has a deal with the Adani group.
Some stockbrokers pointed out that the foreign selling was there throughout these past few months. “Before news of the Adani Group, we saw foreign selling. If Sri Lanka can get through the debt restructuring, the country will be removed from the failed status and more foreigners will invest,” one stockbroker said.
A second broker affirmed this, noting that, “if the country can get out of the default state, we will have a better stock market run.” He also noted that if the upcoming budget is a positive one, the market can hope for better valuations in companies and a bigger foreign appetite thereafter. “The people are expecting better cost-cutting in government spending and the robust tourist numbers are a positive for the stock market.”
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