GDP up 4.4% for the first 9 months of the year, although there was a drop of 1.5% in the third quarter due to pandemic related lockdowns.However the listed corporates delivered the largest ever quarterly profits ever reported, a huge Rs 110 billion . Should there be a doubt on how much it will show on this current December quarter!!! Well quite likely that it may be around 10 to 15% more. Given the above the reasonable assumption could be that the companies that performed last quarter should continue the trend and therefore the valuations will remain attractive. The market performance yesterday was somewhat subdued due to the festive mood that seemed to trigger a little profit taking , the largest of such was witnessed in Hayley’s , where a seasoned freelancing investment banker , influenced the Finco group to strategically invest in a 3% + parcel of the group during the initial days of the pandemic , and yesterday divested the full quantity of approximately 23 million shares at Rs 125 , with a handsome gain of around 10 times the investment in a little over an year. The good news is that the CSE s domestic investment community has grown so much that it absorb this massive parcel with no assistance from any known foreign investors. It must also be specifically mentioned that the investor who exited or his IB advisor is not known much by most of the heard as they have no social media presence …… Simply they don’t tweet their investments and get the heard to follow them…..
