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Statistics |
| Unique Visitors: 51 |
| Total Unique Visitors: 781464 |
| Visitors Out: 5804 |
| Total Visitors Out: 10265 |
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| Dilith says investors getting frustrated; casts blame on Treasury |
| 2012-04-05 09:24:00 |
High networth and highly networked investor Dilith Jayaweera yesterday joined the bandwagon of those who are blaming the Treasury for current economic ills claiming that investors were getting frustrated due to inconsistent policies all-round.He said that there had been an unprecedented degree of policy inconsistency of late thereby preventing a conducive and cohesive environment which is key. This he blamed on Treasury and claimed has increasingly frustrated investors both existing and prospective.Dilith’s outburst is surprising as he has been a champion of positivism and can do attitude especially after the Government and forces defeated terrorism that plagued the country for near 30 years.He also qualifies to be in the top 10 league of individual as well as emerging corporate investor...
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| IMF bullish on Sri Lanka |
| 2012-03-20 08:34:00 |
International Monetary Fund (IMF) Sri Lanka Resident Representative Dr. Koshy Mathai reiterated the fund’s stance on the recent policy reversals of the Central Bank regarding the exchange rate and interest rates and the government’s decision to increase domestic fuel prices, saying the policy moves were encouraging and could help the economy.
Addressing a special forum convened by HSBC Sri Lanka yesterday morning, Dr. Mathai said that Sri Lanka’s economy was in strong position compared with many other economies in the world. "Right now there is not much to worry about and I have a lot of optimism. We remain bullish on Sri Lanka’s economic growth prospects. Inflation is low, the debt to GDP ratio is declining, and the government is committed to brining down the fiscal deficit."
The debt to GDP ratio which was over 108 percent several years ago had declined to 78 percent last year. The deficit which was at 9.9 percent of GDP in 2009 is expected to be brought down to 6.8 percent...
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| ATS Version 7 woes: CSE passes the buck to MIT |
| 2012-03-08 06:24:00 |
The Colombo Stock Brokers Association (CSBA) on Tuesday highlighted to the Colombo Stock Exchange what was an exhaustive list of woes following the introduction of Automated Trading Version 7, with the CSE passing the buck to solutions provider MillenniumIT.
The meeting, first since the introduction of the new version a fortnight ago, was convened by CSE to iron out various concerns from both investor and broker sides. Whilst CSE officials had assured some issues could be rectified by late March, it had informed brokers to take up grievances with MIT, which is now owned by world famous London Stock Exchange.Sources claimed that a more responsible move would have been for the CSE to accept the CSBA’s written submissions and take it up directly with MIT than passing the buck.Though trialled many times via mock sessions and improved with stakeholder inputs, the ATS Version 7 since introduction had been blamed for causing confusion among brokers and investors, especially those doing onli...
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| Brokers recommend buy |
| 2012-03-05 08:11:00 |
Most market analysts tip the Rs. 500 million Initial Public Offering (IPO) of Access Engineering Ltd., which officially opens on Tuesday 6 March, to be comfortably fully oversubscribed, whilst several brokers too have recommended it.
Lanka Securities, which recommended the Access Engineering IPO as Subscribe, said the forecasted EPS for FY12E is Rs. 1.7 and BVPS stood at Rs. 11.7. Accordingly, the forward PER and PBV for FY12E are 15.0x and 2.1x respectively (at IPO price of Rs. 25.0).Heavy construction sector is currently trading at a PER of 10.2x, while close peers such as Colombo Dockyard and MTD Walkers are trading at PERs of 9.3x and 14.3x respectively.Lanka Securities also said based on a complete valuation carried out using discounted free cash flow, the calculated total equity value for the group is Rs. 27.7 billion at the end of FY12E.Accordingly, the derived value per share of AEL is Rs. 27.70, an upside capital gain of 11.0% over the issue price of Rs. 25.00. “Hence, for a...
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| What foreigners see, locals don’t! |
| 2012-02-21 07:25:00 |
As Daily FT has been emphasising the redeeming feature of Colombo Bourse is the continued foreign investor interest.
On Friday net foreign buying topped Rs. 600 million bringing the year to date total to Rs. 1.76 billion, a record level for the past three years.
Friday’s inflow was on account of Rs. 1 billion investment by Goldman Sachs funds in to Commercial Bank. Bulk of the selling from the 10.6 million shares in total was SBI Venture Holding whilst Captains had shed some stake as well. Commercial Bank saw its foreign holding increase by 8 million shares last week.
What…
Interest by Goldman Sachs funds is midst premier blue chips JKH continuously being favoured by foreign investors. Recently a JP Morgan fund bought into Expolanka Holdings whilst in recent weeks among other stocks which had elicited non-national interests were CTC, Tokyo Cement, Softlogic Holdings, DIMO, Aitken Spence, and Chevron Lubricants.
Asia Wealth Management last week said the current exchange rate is ve...
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| Credit ban for illiquid: SEC suspends 12 brokers from giving credit |
| 2011-09-16 00:37:00 |
In a sign of further tough action to instill greater discipline, the Securities and Exchange Commission (SEC) this week suspended an estimated 12 brokers from extending further credit to clients due to lack of capacity.The SEC action follows revelation that these brokers liquid asset less obligations as at 22 August was negative and they are unable to cover the value of the debtors over T+3 days on the same date. Given the precarious situation, SEC has directed the relevant brokers with effect from today (15 September) to provide the liquid asset statement daily to the regulator until the position is maintained at zero leverage.This is in compliance with the SEC directive issued in mid-August easing credit rules.SEC has also warned that failure on the part of brokers concerned to implement...
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| SEC revises IPO allocations for small retail investors |
| 2011-09-15 22:27:00 |
The Securities and Exchange Commission of Sri Lanka (SEC) at its 286th Meeting held on 7 September 2011, has decided to revise the IPO allocation to retail investors especially with regard to larger issues.In a statement it said the following directive in respect of share allotments to the retail investor for an initial public offering of a particular share class, the value of which is Rs. 3 billion and above in order to further facilitate the fair allotment of shares to the Retail Individual Investor Category in large scale initial public offerings.
The Colombo Stock Exchange (CSE) has been directed to ensure that entities that make an initial listing application of a particular share class, the value of which is Rs. 3 billion and above to the CSE, adopts the following guidelines stated herein with regard to the minimum allotment of such shares to the retail individual investor category on the closure of its initial public offering:1. Forty percentum (40%) of the offered shares of a p...
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| T+5 to be reviewed |
| 2011-07-29 21:57:00 |
By Hiran H.SenewiratneStock brokers are now appealing to the Securities and Exchange Commission (SEC) to remove or review the T+5 Rule or five days deadline and the SEC has so far not given any response following repeated appeals from brokers and investors, stock market sources said."At present stock brokering firms have to go through difficult tasks due to forced –selling of more than 1000 client or a day because of the T + 5 Rule of the Securities and Exchange Commission (SEC)," leading stock brokering firm said.However, when the Island Financial Review attempted to get SEC’s view on the matter there were no authorised persons to comment on the topic, its sources said.The SEC is considering the removal of the five days deadline or T+5 Rule in the future with the constant request from stockbrokers and other investors to the SEC, official attached to Lanka Securities Ltd sources told The Business Review .On 29 December 2010 the SEC issued a directive which mandated r stock brokeri...
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| CSE gains investor eye |
| 2011-07-04 21:44:00 |
Malik Cader
Sri Lanka’s capital market is poised to take off in the near future and the country needs to look good to attract foreign companies, Securities and Exchange Commission (CSE) Director General Malik Cader said.Speaking on “New developments and challenges in the capital market” during a plenary session at the Sri Lanka Economic Summit 2011 yesterday, Cader said the CSE targets fifty companies to be listed in 2011 and already 25 companies have been listed.Another large number of companies are awaiting to be listed in the stock market.“The CSE is gaining confidence from foreign and private sector investors now,” he said.Towards this target the CSE focuses on five strategic goals which include improving capital market infrastructure and encouraging broadening capital market out of Colombo.It will also increase capacity of the CSE and improve liquidity as well.The Economic Summit focused on ‘Driving growth through fast track implementation’ where eminent speak...
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| Value of IPOs up 179% in 1H 2011 |
| 2011-07-03 23:51:00 |
*Together with rights issues total capital raised Rs. 27.5bn *Lack of new funds, forced selling due to regulatory requirements holding indices down
The Colombo Stock Exchange could not repeat its impressive performance of a year ago with the All Share Price Index recording a marginal 2.9 percent year-to-date growth as at June 30, 2011 which corresponded to a 10.8 percent decline from a year earlier while the Milanka Price Index grew 48 percent year-to-date, and a slower 19.4 percent year-on-year growth rate.By last Friday (1), the All Share Price Index gained 3.15 percent year-to-date while the Milanka Price Index of more liquid stocks declined 10.15 percent. Turnover which averaged 2.3 billion a year ago was averaging Rs. 2.8 billion during the first six months of this year.Brokers said IPOs (initial public offerings) have raised Rs. 12 billion during the first six months of this year, up 179 percent from Rs. 4.3 billion in 2010, while the numerous rights issue generated Rs. 15.5...
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