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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Investors perturbed over questionable E-Channelling trades

Investors perturbed over questionable E-Channelling trades

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Business Basil


Manager - Equity Analytics
Manager - Equity Analytics
Despite Colombo Stock Exchange being open trading for only 75 minutes on last Friday, investors and brokers are surprised over several market transaction that had taken place in an unanticipated manner, Ceylon FT learns.
Accordingly at 13:59:56 hours just 44 minutes and 56 seconds after market opened its trading soon after 'technical glitch' was rectified, 1.35 million shares and 2.93 million shares of E-Channelling PLC (ECL) had changed hands almost at a 50% drop in market price value at Rs 3.30 per share.

Market data outline that at the same (before and after the above trade- almost all other orders had been matched at price ranges between Rs 5, Rs 6 and Rs 6.10 per share.

"Only these particular two orders had matched at Rs 3.30 and there seems have been no other buyer for that bidding price," a stock broker who had analysed the questionable trades told Ceylon FT.

According to him the most startling fact was that there was no order for Rs 4 ranges and just before the deal at Rs 3.30 was going to match the earlier order was done at Rs 6.10 with a 10,000 ECL shares. And soon after the order was processed the next order matched at Rs 5 for 10,000 ECL shares and soon again the price topped to Rs 6 levels with next trade at Rs 6 for 10,000 ECL shares.

"The question is, that day the average trading value for E-Channelling was at Rs 6 per share and day's high was Rs 6.60 per share in the morning but in general you find the lowest buy orders further down such a buyer at Rs 3.30 per share and you have to shed your stake in large quantities so that all big buyers get panic and no other higher level order pops up in Automated Trading System," another top stock analyst said.

"Buyer and Seller is still unknown but almost all the brokers in the industry still wonder how such a deal went through in ATS only among the specific buyer and seller as normal market transaction at a such discounted value," another broker who wish not to be identified said.

"It is a questionable trade that Colombo Stock Exchange should immediately intervene in to investigate as the trade happened soon after the market opened after a technical glitch," a veteran market analyst who is also an investor told.
A total of 5,147,860 of ECL had been traded during the day via 117 trades at an average price ranges of Rs 5 - Rs 6.60 in all other market trades but the major quantity over 4.285 million had traded at Rs 3.30 via two trades which was not a 'negotiated deal or a crossing'.

On Friday Colombo Stock Exchange halted its trading temporarily quoting an Automated Trading System Issue, the second incident to be recorded after the migration to ATS 7 system in 2012 since the market entirely halted trading last time on 19 September 2011.

CSE Officials said that they found a mismatch that has arisen in certain client balances displayed on the Automated Trading System (ATS) during the pre-open session (9 a.m. - 9.30 a.m.) on 28 June 2013,A total of Rs 265.92 million turnover was recorded with 12.7 million shares changing hands via 2,176 trades. All Share Price Index (ASPI) closed at 6135.08 points rising by 23.72 points by a 0.39% and S&P SL 20 closed at 3440.74 points rising by 14.26 points or 0.42%.During the day only one crossing was reported with one million Aitken Spence Hotel Holdings (AHUN) shares changing hands at Rs 75 per share at 1:18:01 p.m.

Link: http://www.ceylontoday.lk/22-36298-news-detail-investors-perturbed-over-questionable-e-channelling-trades.html

yaka

yaka
Manager - Equity Analytics
Manager - Equity Analytics
i really dont understand what happen...wish if some1 explain what is this....in simple word and how could this be or y some1 wanted to do this....hmmmm...thanx in advance

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Time by time scary movies are presented at CSE theater which keep away the investors with diluted confidence. CSE should measure the strength of actions had been taken to build up investors confidence & its success in the past. New actions are to be placed in case of failure of implementations before.

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