Stock Market Investor losses extend to Rs 94B

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By 2017-12-17

By Paneetha Ameresekere

Stock market investors extended their losses since Budget 2018 was presented in Parliament 5½ weeks ago on 9 November to Rs 94.13 billion, browbeaten by the high tax regimes imposed on the telecom and the banking sectors.

Week on week as at today (Sunday, 17 December), losses suffered by investors increased by Rs 13.86 billion (17.26 per cent) with the purchasing power of local investors further diminished due to the prevailing high VAT regime.

Total investors' wealth in the share market as today was Rs 2.89 trillion, down 3.15 per cent (Rs 94.13 billion) from the figure of Rs 2.99 trillion that prevailed on Budget Day, 9 November.

As a result, the benchmark ASPI which captures the share values of all stocks, has fallen by 214.97 points (3.27 per cent) to 6, 352.10 points and the more sensitive S&P SL 20 Index which tracks the price movements of selected blue chips such as John Keells Holdings plc, the market's highest valued stock in terms of market capitalization, saw this indicator decrease by 156.54 points (4.07 per cent) to 3, 692.56 points in the review period.

The only silver lining was continued foreign investor interest in the market despite this 'gloom and doom' situation, with the market enjoying Net Foreign Inflows (NFIs) totalling Rs 229 million in the review period, thereby taking up NFIs in to the stock market in the calendar year to Rs 19.05 billion.

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