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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Colombo stock markets gain in confidence

Colombo stock markets gain in confidence

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1Colombo stock markets gain in confidence Empty Colombo stock markets gain in confidence Thu Aug 30, 2012 8:33 pm

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Colombo’s stock market continued to gain in confidence with shares gaining on Thursday amidst key personnel changes at the Sri Lanka’s regulatory authority.
Brokers said turnover was Rs 554 million while the All Share Index rose by 66 points or 1.29 per cent to 5,180 while the Milanka Price Index rose 60 points or 1.17 per cent to 4,811.
On Tuesday, Nalaka Godahewa was appointed the new chairman of the Securities & Exchange Commission (SEC). This follows the exit of Thilak Karunaratne whose passage was blocked by a powerful lobby of traders after the latter intensified investigations against market manipulators and insider dealers.
Foreigners – institutions and individuals – were net buyers with Rs 20 million, a 12 month rise from Rs 19.9 million during the same time last year.
Despite low sentiment in the past year at the stock market, foreign buying has been positive.
At a recent media conference, powerful business personality Dilith Jayaweera had an ‘interesting’ explanation as to why the market was attractive to foreigners when locals were absent. He said; “there are foreigners, foreigners and foreigners - three types of foreign investors. There are locals holding foreign accounts (Kalu Suddas), genuine foreign institutional and retail investors who take a short term view of the market, then dump it back to the locals and go, when the CSE is down.”
Large volumes were traded in John Keells Holdings (Rs 54.6 million worth of stock at Rs 197.80 per share), Fort Land (Rs 52 million at Rs 33.70), Citrus Kalpitiya (Rs 30 million at Rs 6.20 per share), Janashakthi Insurance (Rs 22.8 million at Rs 11.90 per share) and Nation Lanka (Rs 15.5 million at Rs10.20 per share). – Ends -
http://sundaytimes.lk/index.php?option=com_content&view=article&id=23752:-colombo-stock-markets-gain-in-confidence&catid=77:news&Itemid=563

ughettiarachchi


Stock Analytic
Stock Analytic
A few recommendations to SEC

1) Explain to media the role of stock market and how it works
2) SEC should start talking to all stakeholders and get their views before issuing further directives
3) invite goverment funds to be active again
4) promote foregn funds
5) protect the retailers and support them
6) finish the investigations and announce results[code]

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