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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » CSE is on a correction, IPO momentum has reduced: Jafferjee

CSE is on a correction, IPO momentum has reduced: Jafferjee

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TuskerLK

TuskerLK
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Murtaza Jafferjee of JB Securities says the Colombo Stock Exchange is currently undergoing a natural correction which he said has been the case for the last six months.
“It’s a natural correction that is taking place that is healthy for the market” he told News360.lk.
Jafferjee who is the Managing Director of the JB Securities added that the ongoing market correction has resulted in some of the stocks which peaked in October 2010 going down by 30% to 40%.
He believes that the investors haven’t noticed this decline owing to the way the market index is being calculated since the index is heavily weighted towards large market cap stocks.
Describing what investors should do at a time like this Jafferjee said, “You have to be selective in what you buy, it is at times like this where good research and doing your homework comes in handy. In a go – go market like we had, success did not require much effort!”.
He advises investors not to buy shares that are primarily driven by momentum since they can be victims of pump and dump market manipulators.
Jafferjee stopped short of timing a rebound but stated that when a market goes into a steep dive it normally rebounds but it remains to be seen whether the upward rally will have legs.
Talking about the financial performance of the listed firms he said, “Corporate earnings have to grow until valuations are more realistic”
IPO’s in the market
Commenting on the ongoing IPO’s in the market Jafferjee said, the momentum for IPO’s which were seen in the latest IPO spree has reduced.
He said there was a time when the IPO’s were oversubscribed by 20 to 30 times, but as of now the over subscription levels have reduced to 2 to 3 times.
Jafferjee a highly acclaimed stock analyst said, this occurred especially when the Bank guarantee rule was imposed by the regulator.
According to him the use of Bank guarantee was a “self perpetuating mechanism” used by the investors to achieve their target allotment, the higher the level of over subscription, the higher the size of the application.
Murtaza Jafferjee speaking to News360.lk during last August when the CSE was performing at its best said, the particular performance of the CSE is a “bubble” and it will “burst” thus creating a huge market fall out.

http://www.news360.lk/markets/stock-market/cse-is-on-a-correction-ipo-momentum-has-reduced-jafferjee

udul


Senior Equity Analytic
Senior Equity Analytic
http://forum.srilankaequity.com/t7277-over-value-market

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
@Rajaraam wrote:Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.



He advised us about this.

Antonym

Antonym
Vice President - Equity Analytics
Vice President - Equity Analytics
@salt wrote:
@Rajaraam wrote:Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.

He advised us about this.
My recommendation is to take 50% of one's chips off the table,” said Murtaza Jafferjee, CEO J B Stockbrokers.
- Sunday Times: September 5, 2010

I thought he was referring to my potato chips! He should have been more specific - How was I supposed to know that he was referring to shares?!! Very Happy

http://sundaytimes.lk/100905/BusinessTimes/bt15.html

stumpy

stumpy
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@Antonym wrote:
@salt wrote:
@Rajaraam wrote:Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.

He advised us about this.
My recommendation is to take 50% of one's chips off the table,” said Murtaza Jafferjee, CEO J B Stockbrokers.
- Sunday Times: September 5, 2010

I thought he was referring to my potato chips! He should have been more specific - How was I supposed to know that he was referring to shares?!! Very Happy

http://sundaytimes.lk/100905/BusinessTimes/bt15.html

Antonym: you are the man! Very Happy

peresanjeewa@gmail.com

peresanjeewa@gmail.com
Senior Equity Analytic
Senior Equity Analytic
Now we dont need Jefferjy to look at the market. where was he at that time??

insidertrader


Manager - Equity Analytics
Manager - Equity Analytics
@stumpy wrote:
@Antonym wrote:
@salt wrote:
@Rajaraam wrote:Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.

He advised us about this.
My recommendation is to take 50% of one's chips off the table,” said Murtaza Jafferjee, CEO J B Stockbrokers.
- Sunday Times: September 5, 2010

I thought he was referring to my potato chips! He should have been more specific - How was I supposed to know that he was referring to shares?!! Very Happy

http://sundaytimes.lk/100905/BusinessTimes/bt15.html

Antonym: you are the man! Very Happy

"Taking chips off the table" literally comes from gambling where you take the money (chips) out of the game. that is no more playing. very thoughtful.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@Antonym wrote:
@salt wrote:
@Rajaraam wrote:Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.

He advised us about this.
My recommendation is to take 50% of one's chips off the table,” said Murtaza Jafferjee, CEO J B Stockbrokers.
- Sunday Times: September 5, 2010

I thought he was referring to my potato chips! He should have been more specific - How was I supposed to know that he was referring to shares?!! Very Happy

[url=http://sundaytimes.lk/100905/BusinessTimes/bt15.html
http://sundaytimes.lk/100905/BusinessTimes/bt15.html[/quote[/url]]



Cheers antonym, As you said if he directly advised at least their own custermers at the correct time more specificaly we can give him a credit. Now after everything happened not by Mr. J even a schoolboy can say what has gone wrong.

insidertrader


Manager - Equity Analytics
Manager - Equity Analytics
@Rajaraam wrote:
@Antonym wrote:
@salt wrote:
@Rajaraam wrote:Mr. Jaffergy could have advised at least JBS clients at that time . But we were not adviced by the JBS advicers.Now everybody knows the situation and anybody can say that it was a buble at the peak in augest/sep.

He advised us about this.
My recommendation is to take 50% of one's chips off the table,” said Murtaza Jafferjee, CEO J B Stockbrokers.
- Sunday Times: September 5, 2010

I thought he was referring to my potato chips! He should have been more specific - How was I supposed to know that he was referring to shares?!! Very Happy

[url=http://sundaytimes.lk/100905/BusinessTimes/bt15.html
http://sundaytimes.lk/100905/BusinessTimes/bt15.html[/quote[/url]]



Cheers antonym, As you said if he directly advised at least their own custermers at the correct time more specificaly we can give him a credit. Now after everything happened not by Mr. J even a schoolboy can say what has gone wrong.

Mr. Tubal has been telling this for a long time. Smile

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@insidertrader wrote:
Mr. Tubal has been telling this for a long time. Smile

This is a funny world. Nowadays there are so many people giving opinions & doing post mortems
But he shared his view long before this blood bath.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
We know there are some ppl here who represent brokers. (eyala brokerslatai SEC ekatai suduhunu gana job eka bara aran tiyenne. Eyalata eka nokara behe) My personal view is there was no bubble in CSE. This was artificialy created by Brokers in order to help some ppl. Everybody knows this story now.( Last week eke balala mallen eliyata penna. insider trading katawath ekka. Den website walatath me golla penala. Eyala sudu hunu ganna gatta contrat eka nawathwanna den behene.)

Marketinvest

Marketinvest
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Indeed its a correction but its a forced one by sec

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
@peresanjeewa@gmail.com wrote:Now we dont need Jefferjy to look at the market. where was he at that time??

200% correct. But acccording to some posts here he has shared his thoughts with some of the members. Good but as unfortunately we were not in that list and therefore we were unaware of that situation. Even myself been a long term customer of JBS I was not advised by JBS advicers of that situation. I do not know whose fault.Members who shared his thoughts in time could you pl. tell us what is the statergy adopted by you to share his thoughts in correct time.

Marketinvest

Marketinvest
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
This all just for publicity, jaff is just bullshitting.

Rajaraam


Vice President - Equity Analytics
Vice President - Equity Analytics
Yes Marketinvest, Bus eka giyata passe bus eka giya kiyala katada kiyanna beri?They think small investors are donkeis. All these are bullshits.

micky

micky
Manager - Equity Analytics
Manager - Equity Analytics
after tsunami hit "i told about this i told about this"

stockdad


Senior Equity Analytic
Senior Equity Analytic
O K let's forget whether he correctly predicted sometime ago what's happening in the market now.
What is more relevant now is what this market analyst has to say today about the future performance from now.
He has "stopped short of timing a rebound but stated when a market goes into a deep dive it normally rebounds
but it remains to be seen whether the upward rally will have legs........."

Call this prediction by an expert? Pretty ordinary stuff.
my grandmother would do a better analysis and give a much more informed opinion.

Then the expert further states that " Corporate earnings have to grow until valuations are more realistic....."
What is the realistic level of valuations?
Very vague statement.
may be ASI has to drop to around 4000?

This is the kind of opinion we get from the pundits , expert analysts, research teams at broking houses.

Vague, nothing definite, using a set of much hackneyed terms like "accumulate fundamentally sound shares",
"realistic valuations", "rebound after steep dive" etc.
And Later on say "we predicted this...."

There are lot of investors in the market who will give a more definitive and correct view and at the appropriate time.

When the market is on the up and up u know one day it is going to come down drastically.


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