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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka Newspapers Saturday 25/02/2012

Sri Lanka Newspapers Saturday 25/02/2012

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1Sri Lanka Newspapers Saturday 25/02/2012 Empty Sri Lanka Newspapers Saturday 25/02/2012 Sat Feb 25, 2012 6:16 am

CSE.SAS

CSE.SAS
Global Moderator

Turnover slumps as new trading system gropes to find its feet
ASPI up 1%, MPI down a fraction of a point

Turnover on the Colombo Bourse yesterday slumped to Rs.508.4 million, down from turnovers of over a billion earlier in the week, largely on account of a new trading system implemented on the CSE with brokers and internet traders unfamiliar with the mechanism.

While the All Share Price Index was up 58.70 points (1.07%), and the Milanka edged down a fraction of a point (0.82 or 0.02%), the market closed with 117 gainers ahead of 89 losers.

Brokers said that the new trading system had been pending since December but had been put off with the Exchange deciding on commissioning it on a Friday as any wrinkles that arose could be ironed out over the weekend.

"Brokers and internet traders were unfamiliar about the order placing mechanism slowing down order entry," a broker said. "Although turnover was low, the indices did not crash or anything like that.’’

Among the most traded stock yesterday was PC Pharma where 2.8 million shares were done at five trades between Rs.40 and Rs.50 closing Rs.8 down at Rs.40.

Commercial Bank too continued to attract interest with over 0.5 million shares done between Rs.99.90 and Rs.100.50 closing 60 cents down at Rs.100.

John Keells Holdings was thinly traded with 21,302 shares traded between Rs.175 and Rs.177 in 59 trades closing Rs.1.10 down at Rs.176.10.

Sampath Bank was up Rs.2.40 to close at Rs.190 on over 0.1 million shares done between Rs.176.50 and Rs.193.50.

Nations Trust Bank announced a first and final dividend of Rs.2.10 per share XD from April 2 and with payment on April 11 after shareholder approval at a March 30 AGM.

Union Assurance announced a first and final dividend of Rs.5 per share for 2011/12 XD from March 5 and with payment on March 15 while Ceylon Tobacco announced a special dividend of Rs.1.55 per share for 2012 XD from March 5 and with payment on March 15.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=45985

sriranga

sriranga
Co-Admin

Insurance giants Union Assurance PLC (UA) signed a Memorandum of Understanding with Union Bank to facilitate insurance solutions to their bank's clientele.

The MoU was signed between Union Assurance CEO Dirk Pereira and Union Bank Chief Manager Operations Anil Amarasuriya. Bancassurance an increasingly popular feature in the banking/insurance industry which is gaining significant growth is a profitable venture to all its stakeholders which entails selling of insurance and banking products through the same channel.

Commenting on the agreement, CEO Dirk Pereira UA said, "We've been promoting bancassurance predominantly as it has much potential for growth in Sri Lanka as we have seen in our previous tie ups. We hope to work in unison with Union Bank to ensure the best of outcome to all its patrons."

Building this venture on the fundamental pillars of Union Assurance is being the most consistently trustworthy insurer and providing convenience and ease to their stakeholder while being transparent in all their transactions perfectly translates to the values Union Bank holds which will ensure superior services to all its clientele.

UA has previously tied up with seven banks in providing similar bancassurance services and is looking forward to revolutionizing the industry as one of its key players.
http://www.dailynews.lk/2012/02/25/bus07.asp

http://sharemarket-srilanka.blogspot.co.uk/

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