Posted on January 27th, 2021
Livia Yap, Courtesy Bloomberg News
BC-The-World’s-Best-Stock-Rally-Is-in-Sri-Lanka , Livia Yap
(Bloomberg) Sri Lanka stocks have returned a world-beating 30% so far in 2021 as domestic investors get more active.
Local individuals were responsible for 79% of total market turnover last year, according to the nation’s stock exchange, amid a 70% increase in new accounts from 2019. At the same time, overseas investors were exiting they sold $272.8 million of shares, data compiled by Bloomberg showed.
As the pandemic rebound got underway, abundance of global liquidity, substantial rate cuts and domestic retail participation have helped fuel the rally,” Joshua Crabb, a Hong Kong-based money manager at Robeco, said in an interview. Keep in mind the currency has also weakened, which makes exports more competitive, encourages tourism and introduces inflation, which helps nominal assets like equities.”
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