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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » SUGGESTION TO VETERAN MEMBERS

SUGGESTION TO VETERAN MEMBERS

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1SUGGESTION TO VETERAN MEMBERS Empty SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 3:54 am

Gintonic


Manager - Equity Analytics
Manager - Equity Analytics
As you may remember,in the good old days prices weren't restricted by a price band of 10 cents as it is today.Price moved either way by 25 cents per share.Later the 10 cents price band was introduced & is effective up to date.The absurdity of it is that the 10 cents coin itself is not in circulation anymore. If not for this rule the mkt would have reached unimaginable hights by now.Reverting to the old 25 cents would make the mkt far more attractive to all investors than it is at present.If all of us forum members got together & made our voice heard,those at the top of the CSE may take note & hopefully, do something positive about the matter.Veteran members of the forum,the honour'll be all yours if you could act on the humble suggestion of a newbie member. Idea 



2SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 7:24 am

umashanker


Stock Trader
As far i know, actually its a 10% price cap of the share rather than 10 cents. And its being implemented by SEC, in case by case basis and not for all shares.

3SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 7:41 am

lux2014

lux2014
Manager - Equity Analytics
Manager - Equity Analytics
Gintonic must have had one two many!

(To confuse 10% with 10 Cents)

4SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:03 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
This is what i found ...... an article on google...

quote"
By: Prasanna C. Rodrigo:

The 10% price band imposed by the SEC on shares traded at the CSE will be removed from the 20th of this month, announced the regulator.

However the SEC as announced earlier will implement a formula on the same day covering all counters in the CSE to track the price movements of the shares.

This formula will track shares with irrational price movements either up or down.

If the formula captures irrational price movements, SEC will impose a 10% upward or downward price band on the particular share, which will be effective for a period of 15 trading days.

However before imposing the band SEC will monitor the price movement of the particular share for a period of 5 days.

Also the SEC direction mandate’s the Stock brokers to obtain less than 50% of the settlement value upfront in the form of realized funds from all investors who wish to purchase securities in the list on which the price band is applicable and so long as the band is applicable.

Meanwhile starting from the 1st of January 2011, Stock Broking firms will have to absolutely refrain from extending credit to any investor beyond 3 trading days.

Extension of credit beyond the specified period can only be done through a registered margin provider.

SEC also says any backlog of credit already extended by any member has to be cleared or regularized through a margin provider latest by 1st January.

However it adds the above price band will not be applicable for securities such as the ones trading on the first day, the parcels introduced on all or nothing basis, for crossings, debentures and also for the securities which the previous closing price was below Rs. 1 etc."unquote

5SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:04 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
The immediate reaction after lifting i quote
"he first trading day of the post price band period saw the Colombo Stock Exchange making gains.

Both the All Share Price Index and the Milanka Index saw gains with the ASPI closing at 6521 points while the MPI closing at 6826 points.

The turnover for the day stood at Rs. 3.93 billion according to figures announced by the CSE.

Peoples Finance, Arpico and Nations Trust were among the top gainers and saw their prices moving beyond 10%, the limit which the price was able to move either way under the Price Band.

The Market capitalization as of today stood at Rs. 2.1 trillion."unquote

http://www.news360.lk/markets/stock-market/cse-trading-takes-place-without-the-price-band

6SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:05 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
SEC lifts price band
Friday, 20 April 2012 12:32
E-mail Print
The Securities and Exchange Commission (SEC) yesterday directed the Colombo Stock Exchange (CSE) to lift the 10 percent price band with immediate effect, although no reasons were cited for the decision.

“At the 299th Commission Meeting of the Securities and Exchange Commission of Sri Lanka (SEC) held on 18th April 2012, it was decided to direct the Colombo Stock Exchange to lift the 10% price band, imposed for 5 market days on certain securities, based on an agreed formula which takes into account volatility and volumes, with immediate effect,” the statement by the newly appointed SEC Acting Director General Prof. Hareendra Dissabandara said.

It also said SEC will continue to monitor the market, and the price band may be re-imposed in future if the situation so warrants.
The 10 percent band was implemented by the SEC in 2010 August as a measure to curb stock manipulation and unusual price movements of certain illiquid stocks. However, the implementation of it faced a lot of criticism from both investors and stock brokers saying that it would kill the upbeat market sentiment.

Incidentally, this criticism towards the price band and several other measures brought forward by the SEC to rein in misdeeds taking place at the market place even led to the ousting of the then SEC Chairman and the Director General from their seats.
According to some stockbrokers and investors, the repressive 10 percent price band (as they claimed) was partly responsible for the downfall of the Colombo bourse.
However, when sensibly analyzed, other factors such as rising interest rates, lack of liquidity and foreign buying, unscrupulous IPOS (Initial Public Offerings) could be identified as more significant reasons for the market downfall.

In 2009 and 2010, the Colombo bourse was rated as one of the best performing markets in the world and the benchmark All Share Price Index (ASI) rose over 7,000 points, with predications indicating it will hit 7, 500 point mark in mid-2011.

But, in 2011, the bourse gradually came down and currently the ASI is at the 5, 400-5, 500 levels and has turned out to be one of the worst performing Asian markets this year.
Probably, due to the mounting pressure from the investor and brokering communities, investor, the SEC in April 2011 relaxed the price band by reducing the period of market days to which public listed companies would be placed under the band from the 10 market days to 5 market days. However, this move didn't boost the market as the reasons for the collapse lied somewhere else.

Speaking about the lifting of the price band, Colombo Stock Brokers Association President Sriyan Gurusinghe said, “We welcome the move by the SEC to remove the price band. It's something that we have been asking them for some time now. We have discussed and agreed upon this, and we are very pleased with it.”
http://www.dailymirror.lk/mirror-stock-watch-live/18079-sec-lifts-price-band.html

The above article appeared in 2012

7SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:08 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
I cant recall any announcements thereafter re-imposing a similar band......


8SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:24 am

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics
he not talking about price band

looks like all here are newbies cant remember the 25 cent times

9SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:24 am

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics
so no veteran members here Very Happy

10SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:34 am

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
@slmarket2 wrote:he not talking about price band

looks like all here are newbies cant remember the 25 cent times

Veterans here remembers the time Stock Exchange was down York Street and current DG of SEC and former CEO of CSE were familiar faces on the floor.

11SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:48 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
@slmarket2 wrote:so no veteran members here Very Happy
Yes Slmarket2 No Veterans Here.. SLEF Reborn to be Newbie Friendly ..No Hidden Agenda or Ulterior motive...Tolerate all views... .. & we are committed to breed a new generation of investors and educate ...we dont mind how long it takes and any obstacle in our path restricting its progress.

The biggest sinner of all are those who know something but dont like to share there knowledge for free with the Newbies in our Forum. And yet look at them cynically. I hope you are not one of them BTW.
Why dont you give some insight so others can add further details about a bygone restriction which may be relevant piece of information now.

For me that piece of information is no more of use.....

12SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:54 am

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Well said SHARK, we really admire and respect you. I am truly glad be a part of your team. Let's all get together and help the Newbees!! They are the future of the stock market and future of this country. This is a social service and we wouldn't complain.



Last edited by Sstar on Tue Aug 05, 2014 10:55 am; edited 1 time in total

13SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:55 am

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics
SHARK wrote:
@slmarket2 wrote:so no veteran members here Very Happy
Yes Slmarket2 No Veterans Here.. SLEF Reborn to be Newbie Friendly ..No Hidden Agenda or Ulterior motive...Tolerate all views... .. & we are committed to breed a new generation of investors and educate ...we dont mind how long it takes and any obstacle in our path restricting its progress.

The biggest sinner of all are those who know something but dont like to share there knowledge for free with the Newbies in our Forum. And yet look at them cynically. I hope you are not one of them BTW.
Why dont you give some insight so others can add further details about a bygone restriction which may be relevant piece of information now.

For me that piece of information is no more of use.....

I am newbie but know this.

Those days shares can be bought and sold in 25 cent difference
10.25, 10.50, 10.75 ....
Then they changed to 10cent
10.10, 10.20, 10.30, 10.40

this will make difference for PCH

14SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:57 am

slmarket2


Manager - Equity Analytics
Manager - Equity Analytics
thada wenna epa SHARK

15SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:58 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
BTW Slmarket2 can you shed some light on 10cent 25cent price bands at that time .....

Thank you and appreciate your take on Gintonics topic....

so others could elaborate further ....expanding on what you already know Very Happy

SHARK

16SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 10:58 am

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Yes they changed in to 10 cents and trading quantity below 100 shares after the introduction of the new trading software by CSE few years ago. 10 cents still applies when shares prices are below Rs1/=? If I remember correct.

17SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 11:04 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
@slmarket2 wrote:thada wenna epa SHARK
 Rolling Eyes පිස්සු ද බං  tongue දැන් හොඳ කොල්ලා වග‍‍ෙ කියමු සත 10 සත 25 ගැන  Very Happy 

18SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 11:11 am

SHARK aka TAH

SHARK aka TAH
Expert
Expert
@slmarket2 wrote:
SHARK wrote:
@slmarket2 wrote:so no veteran members here Very Happy
Yes Slmarket2 No Veterans Here.. SLEF Reborn to be Newbie Friendly ..No Hidden Agenda or Ulterior motive...Tolerate all views... .. & we are committed to breed a new generation of investors and educate ...we dont mind how long it takes and any obstacle in our path restricting its progress.

The biggest sinner of all are those who know something but dont like to share there knowledge for free with the Newbies in our Forum. And yet look at them cynically. I hope you are not one of them BTW.
Why dont you give some insight so others can add further details about a bygone restriction which may be relevant piece of information now.

For me that piece of information is no more of use.....

Those days shares can be bought and sold in 25 cent difference
10.25, 10.50, 10.75 ....
Then they changed to 10cent
10.10, 10.20, 10.30, 10.40

A Newbie like Slmarket2 should be in our panel..... Sstar

19SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 1:09 pm

Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Yes, He could be in charge of Business Development or any other suitable area in the Forum. Lets discuss this over a PM with Slmarket2.

20SUGGESTION TO VETERAN MEMBERS Empty Re: SUGGESTION TO VETERAN MEMBERS Tue Aug 05, 2014 1:25 pm

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
The stock market really crashed because SEC wanted the brokers to recall the credit from clients within a short period. SEC felt there was overtrading and the market blowing like a bubble waiting to explode. But their hasty decision in giving brokers a short deadline to recall credit was one of the major reasons for the stock market collapse. Investors had to sell short to repay debts. On top of that the 10% band and reducing the bid/offer difference to 10 cents didn't help the market at all. Now if they are relaxing the 10% band they should also increase the price difference back to 25 cents to make the market grow.

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