- Around 60 fund managers and investors to attend a forum at London Stock Exchange
- Separate engagement with Lankan diaspora and UK businesses later in the week
- CBSL Governor and Director Economic Research to address today’s forum live via video conferencing
- Six companies and seven stockbroking firms among Lankan delegation along with heads of CSE and SEC
- The market has seen nearly Rs. 1 b in net inflows in recent weeks
By Nisthar Cassim
Sri Lanka’s capital market industry will kick off its spirited roadshow in the UK today to woo more foreign portfolios and direct investments on the premise of better future prospects despite the most challenging times at present for the country.
The first-ever post-pandemic investor promotion in Europe will be held this week starting with a forum today morning in partnership with the London Stock Exchange (LSE).
Around 60 London-based fund managers and investors will attend the half-day forum today at the LSE according to the Colombo Stock Exchange (CSE) which is co-hosting the roadshows in association with the Securities and Exchange Commission (SEC) and the Sri Lanka High Commission in the UK.
A large contingent from Sri Lanka’s capital markets as well listed companies is in London to attend the events as well whilst the latter will also take part in one-on-one meetings with fund managers and investors.
Among the stockbrokers in the delegation are SC Securities, Softlogic Stockbrokers Ltd., John Keells Stockbrokers Ltd., CT CLSA Securities, Bartleet Religare Securities, Lanka Securities, and Acuity Stockbrokers.
The listed companies include Expolanka Holdings PLC, John Keells Holdings PLC, Softlogic Holdings PLC, Windforce PLC, National Development Bank PLC, and People’s Leasing and Finance PLC.
Central Bank Governor Nivard Cabraal was to keynote the roadshows in person but due to some urgent engagements, he will address today’s forum via video conferencing live from Colombo.
Today’s Forum will see addresses by Sri Lanka High Commissioner in UK Saroja Sirisena, UK Prime Minister’s Trade Envoy to Sri Lanka Lord Davies of Abersoch CBE, SEC Chairman Viraj Dayaratne PC, CSE Chairman Dumith Fernando on “CSE – Towards a Quantum Leap” and LYNEAR Wealth Management Co-Founder and CIO Dr.Naveen Gunawardane on the outlook of the Colombo stock market.
CBSL Director Economic Research Dr. Anil Perera will make a presentation on “Macroeconomic Developments and Prospects of Sri Lanka” via video conferencing.
The rest of the week the Sri Lankan capital market delegation will also woo investments at separate engagements with the diaspora in the UK as well as Britain-based businesses organised by the UK SL Chamber of Commerce, with both events hosted at the Sri Lanka High Commission.
Though the Colombo stock market has suffered two consecutive years of net foreign outflow in recent weeks it has seen a net inflow of nearly Rs. 1 billion. This is following the depreciation of the rupee and the announcement of the Government’s plans to go for an IMF support program.
Until last Friday, the market also saw net buying for eight consecutive sessions, though year to date the net outflow is over Rs. 2 billion.
Among the best-performing markets in the world in 2021 and 2020, the CSE so far this year is down by 15% whilst the Price to Earnings Ratio is below 11 times reflecting attractive upside and potential according to brokers.