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A well informed market source writing to The Island Financial Review has charged that an individual was manipulating the share price of Ceylinco Insurance. We reproduce the letter withholding the names of both the accused and the accuser, so that authorities maybe able to get to the bottom of this.
"It is an unfortunate turn of affairs that an individual shareholder via his investment front maintains a hold on a large cache of Ceylinco Insurance shares, over a long period of time for personal gain.
"In order to secure his interests, it is believed that he artificially manipulates and inflates the price of said shares at times, ensuring mammoth personal gain. By so doing, he continues to deprive market forces of determining the correct price of the share, thus misleading small and retail investors to a great extent. Thus, even innocent members of the public, who remain unaware of the actions of this individual, have been deceived on many occasions.
"Recently, this individual attempted to purchase shares of Ceylinco Insurance by offering Rs.50/- more than the average trading price of the day: when the share was being traded around Rs.745/-, his purchase price was Rs.799/-. By so doing, he pushed the price up unnecessarily, sending the wrong signals to small timers and retail investors, who have fallen into similarly deep trouble on many occasions. It is truly an unfortunate turn of events when a share, such as that of Ceylinco Insurance, which has much potential to be traded freely and worthily, is held by one individual, purely for personal gain.
"While our authorities valiantly try to regulate the market from such errant and unscrupulous individuals, it is indeed a sad fact that one person is allowed to manipulate that same market to such an extent. Hence, the time is indeed nigh that the regulators intervene to save public institutions from such devious individuals, which will no doubt increase the confidence in the financial sector, whilst benefiting the public at large," the market source said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=61823
"It is an unfortunate turn of affairs that an individual shareholder via his investment front maintains a hold on a large cache of Ceylinco Insurance shares, over a long period of time for personal gain.
"In order to secure his interests, it is believed that he artificially manipulates and inflates the price of said shares at times, ensuring mammoth personal gain. By so doing, he continues to deprive market forces of determining the correct price of the share, thus misleading small and retail investors to a great extent. Thus, even innocent members of the public, who remain unaware of the actions of this individual, have been deceived on many occasions.
"Recently, this individual attempted to purchase shares of Ceylinco Insurance by offering Rs.50/- more than the average trading price of the day: when the share was being traded around Rs.745/-, his purchase price was Rs.799/-. By so doing, he pushed the price up unnecessarily, sending the wrong signals to small timers and retail investors, who have fallen into similarly deep trouble on many occasions. It is truly an unfortunate turn of events when a share, such as that of Ceylinco Insurance, which has much potential to be traded freely and worthily, is held by one individual, purely for personal gain.
"While our authorities valiantly try to regulate the market from such errant and unscrupulous individuals, it is indeed a sad fact that one person is allowed to manipulate that same market to such an extent. Hence, the time is indeed nigh that the regulators intervene to save public institutions from such devious individuals, which will no doubt increase the confidence in the financial sector, whilst benefiting the public at large," the market source said.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=61823
