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Sri Lanka Newspapers Tuesday 28/02/2012

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1Sri Lanka Newspapers Tuesday 28/02/2012 Empty Sri Lanka Newspapers Tuesday 28/02/2012 Mon Feb 27, 2012 11:33 pm

CSE.SAS

CSE.SAS
Global Moderator

Bourse down on profit taking, unreliable prices
*Traders opt out for a while due to new system

Profit taking pulled down the Colombo Stock Exchange yesterday (Feb. 27) after about a week’s run on making positive gains as a new trading system has made it difficult to judge the true value of stocks, brokers said.

The All Share Price Index closed 89.71 points lower, down 1.61 percent to 5,476.59 points while the Milanka Price Index of more liquid stocks fell 1.03 percent, down 49.39 points to 4,753.39.

Turnover amounted to Rs. 616 million on 21.2 million shares changing hands during the day which saw 49 counters close in positive territory against 167 that closed in the red.

"We are of the opinion that the new trading system that is being implemented at the brokerages is causing traders to stay out of markets temporarily. This has led to some profit taking as we are unable to judge the true value of stocks. Spreads have widened and until the system runs at peak performance, we are unlikely to see much activity this week," Bartleet Religare Securities Technical Analyst Stefan Juriansz said.

"Technically the index seems to be finding some resistance at around 5,650. If we see the possibility of what the technicians refer to as a double bottom, that would only present us with a better opportunity to pick up strong investments. As discussed last week we are keeping an eye on certain value counters such at JKH, SAMP and VONE for index direction and the opportunity to enter into such securities," he said.

"All nine of the world’s worst-performing equity indexes this year are in frontier countries. This was due to the fact that the larger, more liquid markets offered relatively more compelling investment opportunities.

However now Bank Julius Baer & Co. says the losses create buying opportunities for long-term investors and advise clients to look for quality as opposed to underperformance," Juriansz said.

As at January 16, 2012, the Colombo Stock Exchange was the second worst performing market in the world.

Foreign purchases continued to be positive with a net inflow of Rs. 224.4 million during the day.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=46250

CSE.SAS

CSE.SAS
Global Moderator

Currency dealers said the rupee would continue to weaken against the dollar unless credit demand was contained as soon as possible with import demand still ‘severe’.

The rupee fell to an all time low against the greenback on Monday (Feb. 27) with the Central Bank continuing not to intervene in the foreign exchange market.

The exchange rate opened the day at Rs. 119.90/120.20 to a dollar and importer demand drove down the value of the rupee further to close at Rs. 121.30/60 against the greenback.

"This is the lowest the rupee has fallen against the dollar," a currency dealer said.

"We will see some volatility with the occasional inflows, but the general trend will remain unchanged with import demand still buoyant. Unless credit growth is contained fast, the rupee would come under pressure to depreciate," another dealer said.

Infrastructure led post-conflict developed has seen the government increase its borrowings from the Central Bank and as a result the imports basket is also dominated by intermediary and investment goods.

The Central Bank has increased policy interest rates by 50 basis points and slapped an 18 percent cap on commercial bank credit growth. But currency dealers said this may not be enough to avert the balance of payments crisis that authorities had ignored for nearly six months.

"We feel interest rates should be tightened further in order to contain private sector credit growth. Government borrowing from the Central Bank has also soared more than 200 percent last year, so there is a need for the government too to control itself,"a dealer said.

The Island Financial Review reported yesterday (Monday, Feb. 27) that the Central Bank generated new loans to the government amounting to Rs. 206.4 billion, 241.7 percent higher than in the previous year. Private sector credit from domestic banks grew 36.6 percent in December 2011, with new loans generated during the whole year amounting to Rs. 487.7 billion (a huge increase from Rs. 290 billion in 2010).
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=46248

sriranga

sriranga
Co-Admin

Ramani Kangaraarachchi
Credit is the most essential ingredient to function market economies and prudent use of credit, can prosper economic growth and social well-being of the society, Central Bank Deputy Governor C Premaratne said. Speaking at the inaugural session of the international seminar on “Credit evaluation and risk analysis” at the Centre for Banking Studies in Rajagiriya recently she said that provision of credit inevitably involves risk taking and financial intermediaries have to manage risk efficiently, to avoid bank runs, collapses in financial markets, instability in the financial system as well as in the economy.

She said that in the case of financial institutions, it is not only credit risks they need to handle, but also operational risks, cropping up from the business environment, financial risks, liquidity and legal risks and systematic risks associated with systems and procedures. But the most important fact is, that the financial institutions have to be alive to risk, be vigilant and should be equipped to handle any type of risk. They need to implement sound policies and procedures interlinks between various other risks and credit portfolio risks and manage risks.

However, in overall credit management process, the efforts of the financial institutions should be supported by two main parties, firstly by regulators by providing sound regulatory framework and through close supervision, ensuring capital adequacy to cover risks and secondly policy makers by giving correct policy signals and directions to the stakeholders, as the overall credit risk management is a combined effort of all three parties and that has been clearly evidenced in the global financial turmoil experienced over the last five years, she said.
http://www.dailynews.lk/2012/02/28/bus12.asp

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

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