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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Developing story

Developing story

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41Developing story  - Page 3 Empty Re: Developing story Tue Jul 26, 2011 5:13 pm

mono


Vice President - Equity Analytics
Vice President - Equity Analytics
@duke wrote:
@mono wrote:
@Investor99 wrote:Brokers are not banks how can a broker firm give credit, because the brokers firms were not monitored the credit amount in the CSE sky rocked.

Banks are regulated and monitor institutes which are allowed to provide credit to clients by the central bank. It would be a joke if any organisation is allowed to give credit.

As per the rules brokerages are allowed to give out credit in the same way a leasing firm is allowed to give out credit. And the brokerages are definitely monitored.

Problem is these broker crooks are greedy and crafty. They're not checking whether this person has paid the dues before. They only think about the transactions. One thing they do is when the deadline comes for credit reports they sell the stocks and buy back so that they don't go for the report. A good broker will not allow a person who did not settle his dues to buy more after.

i don't think this selling and buying thing can be done that easily en masse without crashing the market.

42Developing story  - Page 3 Empty Re: Developing story Tue Jul 26, 2011 5:18 pm

rijayasooriya


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@duke wrote:
@rijayasooriya wrote:This happens when inexperienced person come to the top.
They apply their theory knowledge but they do not know practical side of that.
SEC has not allowed that bubble to shrink gradually.
SEC punctured the bubble so it get blasted.
T+3 or T+5 day rule actually support the gambling not investing.It develops bubbles everyday and the bubble get blasted with in fewdays.

ලෙඩා මලා බඩ සුද්දයි කියල සිංහලෙන් කියනවා මේ වගේ විසඳුම් වලට

Read what other markets use.
[url=http://www.sec.gov/investor/pubs/tplus3.htm
http://www.sec.gov/investor/pubs/tplus3.htm[/quote[/url]]

We do not follow the ways and means of other markets blindly.

We should absorb suitable method but we should not imitate them.

Our investers psychology is different from their investers psychology...of course education level also.

43Developing story  - Page 3 Empty Re: Developing story Tue Jul 26, 2011 6:48 pm

windi5


Moderator
Moderator
Colombo's stock brokers want to meet with regulators later in the week in a bid to persuade regulators to relax credit rules, brokers said. Very Happy

http://www.lankabusinessonline.com/fullstory.php?nid=1525141397

44Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 12:39 am

windi5


Moderator
Moderator
According to BMS daily market report, Investor speculation on extending credit days paved the way for the abrupt surge.When this information gets disseminated, everyone starts buying. “Retail investors were more active during today’s trading session.

45Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 12:44 am

pushpakumara


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
If it is a sustainable growth , that would be fine. So today will be another Gday then?

46Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 5:56 am

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
It can be a real bull or a credit bull, ......what ever it is I stick to fundamentals..... and value for money investments...... Stocks which attract investments may sustain… Smile

47Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 7:28 am

windi5

windi5
Moderator
Moderator
Yeap , now we all got enough experience to do well. Now every one is concentrating on fundamentals, thats a good momentum which brought by the mkt crash.

48Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 10:23 am

pushpakumara


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Investor99 wrote:Brokers are not banks how can a broker firm give credit, because the brokers firms were not monitored the credit amount in the CSE sky rocked.

Banks are regulated and monitor institutes which are allowed to provide credit to clients by the central bank. It would be a joke if any organisation is allowed to give credit.

With good mechanism, supervision and with reasonable credit limit based on value of client portfolio , I do not think it will not be impossible.

49Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 11:17 am

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
I think there must be investors who do not even know they have credit to settle. Brokers just sell when the SEC credit reports are nearing and buy back to extend the time and to keep the business going. And make up some stories about managing the accounts or this is SEC directives and they made you do it. The result customer capital goes down, brokers get the commission. customers blame the rules.

50Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 1:58 pm

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
[quote="pushpakumara"]
@Investor99 wrote:Brokers are not banks how can a broker firm give credit, because the brokers firms were not monitored the credit amount in the CSE sky rocked.

Banks are regulated and monitor institutes which are allowed to provide credit to clients by the central bank. It would be a joke if any organisation is allowed to give credit.

Investors were given 7 doy period earlier to settle dues and most of the brokers extended credit to some clients if they need some more time to settle dues. This was the practice and all brokers had sufficient assets to back their risk related to custumers credit. But recenly( may be within last 2 years) many Companies who do not have enough assets to operate the system smoothly obtained aproval for brokering businesss and all problems have been created by those useless brokers. Now those hingana brokers blame investors because they dont have enough funds to extend proper service to the customers.

51Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 2:56 pm

windi5

windi5
Moderator
Moderator
A Sri Lankan accounting watchdog has revealed how companies inflate their profits and balance sheets using false revaluation techniques that in two cases led to initial public offer applications being rejected.

New accounting standards coming in January 2013 will provide more clarity on fair value and revaluation methods, said Ajith Ratnayake, director general of the Sri Lanka Accounting and Auditing Standards Monitoring Board which monitors company financial statements.

52Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 3:00 pm

Aamiable


Vice President - Equity Analytics
Vice President - Equity Analytics
Anyway market remains green. ........I also think that was a problem seen in a minority of broker firms. .............As long as one or two firms force sell, market decline, ...they may have by now settled due to extend services to customers, ......that may be the reason why market remains green.

If they start same thing again those stocks can go down again,... where as those stocks grow on solid investments.... would remain green.

Smile

53Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 3:11 pm

stockdad


Senior Equity Analytic
Senior Equity Analytic
[quote="Rajaraam"]
@pushpakumara wrote:
@Investor99 wrote:Brokers are not banks how can a broker firm give credit, because the brokers firms were not monitored the credit amount in the CSE sky rocked.

Banks are regulated and monitor institutes which are allowed to provide credit to clients by the central bank. It would be a joke if any organisation is allowed to give credit.

Investors were given 7 doy period earlier to settle dues and most of the brokers extended credit to some clients if they need some more time to settle dues. This was the practice and all brokers had sufficient assets to back their risk related to custumers credit. But recenly( may be within last 2 years) many Companies who do not have enough assets to operate the system smoothly obtained aproval for brokering businesss and all problems have been created by those useless brokers. Now those hingana brokers blame investors because they dont have enough funds to extend proper service to the customers.


even if the brokers r willing to extend credit they cannot do it now due to stringent SEC rules.
They have to compulsorily sell shares of all clients as no outstanding beyond T+5 is allowed by the SEC.

So, this problem is due to SEC, not due to brokers.

54Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 4:23 pm

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
Yes stockdad, you are correct. I just responded to Investor99's above post because he indicated that brokers are unable to give credit..

55Developing story  - Page 3 Empty Re: Developing story Wed Jul 27, 2011 5:17 pm

stockdad


Senior Equity Analytic
Senior Equity Analytic

Yes, Rajaram,

Let's hope at least now sanity will prevail and SEC will review these ill thought rules.
anyway even if they relax T+5 rule that alone would not remove all the present problems.
It wold be some relief only.

56Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 12:57 am

windi5

windi5
Moderator
Moderator
According to a top official of the stock broking community, at meeting held on Monday, almost all the Chief Executive Officers of stock broking firms had agreed and signed letters stating that brokering firms should be able to lend their excess funds above the minimum capital requirement to their trade debtors.

Further, CEOs also agreed that it is fair enough for the brokering firms to leverage one time as it was allowed once. Finance companies in the country are allowed to leverage 10 times and leasing companies are allowed to leverage 7 times,” he pointed out.

“Retailers are the major force of the market, and they contribute 44% of the daily market turnover” he said adding that if broker provided credit could not facilitate those individuals who have portfolios less than Rs.2 million, the major driving force in the market will soon be eliminated.

it is learnt that Colombo Stock Brokers’ Association made a representation to the SEC yesterday, requesting permission to provide credit for retailers.

57Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 12:47 pm

Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
@sapumal wrote:Why not to blame SEC ? They also responsible for this
They are going to correct 100% wrong system to 100% perfect system within short period. Theoretically 100% right but practically 100% wrong approach.

I wondering why SEC not introducing SUFFICIENT rules to stop deadly overvalued IPOs. Still no sufficient rules. When they are going to introduce rules to stop highly overvalued IPOs if they can introduce severe rules for overvalued market?

This has got to be one of the craziest things I have heard in a while. It is not the job of the SEC or the CSE to regulate overvalued IPO. It's "your" job!!!!! If it's over valued, DON"T buy it. Simple as that. In a capitalist market it up to the investor to decide what is good for them. You don't have to buy every IPO/

58Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 2:31 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
no announcement made about changes of the existing rules, but the market is up, what ever comes down then will come down again goes up this is market.

My question is this, is the todays purchases done on credit expecting the brokers credit and if any thing not materialize?

How many shares went up by more than 10% today itself? if it is normal then coming down by 10% in a day also must be normal thing?

59Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 2:41 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@Sidath wrote:
@sapumal wrote:Why not to blame SEC ? They also responsible for this
They are going to correct 100% wrong system to 100% perfect system within short period. Theoretically 100% right but practically 100% wrong approach.

I wondering why SEC not introducing SUFFICIENT rules to stop deadly overvalued IPOs. Still no sufficient rules. When they are going to introduce rules to stop highly overvalued IPOs if they can introduce severe rules for overvalued market?

This has got to be one of the craziest things I have heard in a while. It is not the job of the SEC or the CSE to regulate overvalued IPO. It's "your" job!!!!! If it's over valued, DON"T buy it. Simple as that. In a capitalist market it up to the investor to decide what is good for them. You don't have to buy every IPO/

ditto. and if i were a businessman going for an IPO i would price it as high as possible. IPO's aren't social services.

60Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 2:49 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@mono wrote:
@Sidath wrote:
@sapumal wrote:Why not to blame SEC ? They also responsible for this
They are going to correct 100% wrong system to 100% perfect system within short period. Theoretically 100% right but practically 100% wrong approach.

I wondering why SEC not introducing SUFFICIENT rules to stop deadly overvalued IPOs. Still no sufficient rules. When they are going to introduce rules to stop highly overvalued IPOs if they can introduce severe rules for overvalued market?

This has got to be one of the craziest things I have heard in a while. It is not the job of the SEC or the CSE to regulate overvalued IPO. It's "your" job!!!!! If it's over valued, DON"T buy it. Simple as that. In a capitalist market it up to the investor to decide what is good for them. You don't have to buy every IPO/

ditto. and if i were a businessman going for an IPO i would price it as high as possible. IPO's aren't social services.

Some of our members said BIL IPO is at a discount because PER is low.But it can not be at a discount just because PER is low as IPO price has been decided by the company.I asked this question earlier in another thread but no one answer.

61Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 2:52 pm

mono

mono
Vice President - Equity Analytics
Vice President - Equity Analytics
@rijayasooriya wrote:

Some of our members said BIL IPO is at a discount because PER is low.But it can not be at a discount just because PER is low as IPO price has been decided by the company.I asked this question earlier in another thread but no one answer.

If you look at their financials, almost all of thier shares are from listed companies. So BIL is only worth as much as the value of all their holdings.

62Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 2:57 pm

rijayasooriya

rijayasooriya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@mono wrote:
@rijayasooriya wrote:

Some of our members said BIL IPO is at a discount because PER is low.But it can not be at a discount just because PER is low as IPO price has been decided by the company.I asked this question earlier in another thread but no one answer.

If you look at their financials, almost all of thier shares are from listed companies. So BIL is only worth as much as the value of all their holdings.

Thanks mono.

63Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 3:03 pm

stumpy

stumpy
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
BIL is good in long term!

PP ppl bought this @ Rs. 1-3/- (after subdivs) b4 ipo! So be careful!

64Developing story  - Page 3 Empty Re: Developing story Thu Jul 28, 2011 3:27 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Sidath wrote:
@sapumal wrote:Why not to blame SEC ? They also responsible for this
They are going to correct 100% wrong system to 100% perfect system within short period. Theoretically 100% right but practically 100% wrong approach.

I wondering why SEC not introducing SUFFICIENT rules to stop deadly overvalued IPOs. Still no sufficient rules. When they are going to introduce rules to stop highly overvalued IPOs if they can introduce severe rules for overvalued market?

This has got to be one of the craziest things I have heard in a while. It is not the job of the SEC or the CSE to regulate overvalued IPO. It's "your" job!!!!! If it's over valued, DON"T buy it. Simple as that. In a capitalist market it up to the investor to decide what is good for them. You don't have to buy every IPO/

Ye in one way that's tru -its our decision to buy or avoid.. I think wat Sapumal intended to say was for SEC to, in general, asses the valuation of price before launch as an IPO.. In a nutshell, ppl buy IPOs without checking much due to lack of accounting knowledge.. Usually brokers even reseach and recommend "buy" for any IPO without considering large parcels being given on PPs which if sold brings down the value.. U can see all EXPO, SHL, CIFL are buys.. but we know what's gonna happen to those in market..
I recently heard some news; 2 IPOs being rejected over controversy on an absurd land revaluation and another one for machineary revaluation or similar kinda issue.. So these are the things they have to really check.

@stumpy wrote:BIL is good in long term!

PP ppl bought this @ Rs. 1-3/- (after subdivs) b4 ipo! So be careful!

R u sure? was it mentioned somewhare? scratch

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