By Hiran H.Senewiratne
The Colombo Stock Exchange (CSE) will receive a huge boost if big private and public sector entities list in the market. If that happens only, the current lacklustre movement of the market will move away to a more vibrant market scenario, CSE chairman Vajira Kulatilaka said.
"The CSE needs big listings of public and private sector entities in order to attract foreign fund managers in overseas countries. At this juncture, it is just drifting on. Otherwise, few big public or private companies come on board by way of an Initial Public Offering (IPO) for the market to pick up well, Kulatilaka told The Island Financial Review.
The Colombo Stock Exchange (CSE) will receive a huge boost if big private and public sector entities list in the market. If that happens only, the current lacklustre movement of the market will move away to a more vibrant market scenario, CSE chairman Vajira Kulatilaka said.
"The CSE needs big listings of public and private sector entities in order to attract foreign fund managers in overseas countries. At this juncture, it is just drifting on. Otherwise, few big public or private companies come on board by way of an Initial Public Offering (IPO) for the market to pick up well, Kulatilaka told The Island Financial Review.
The CSE chairman said that if some big private sector companies are listed in the CSE it would put the CSE in a prime position in the region, because most foreign and local investors will eye CSE activities. "Until then the market will slowly but steadily move, he said.
Meanwhile, yesterday the CSE was not a happening market due to the long weekend.
Accordingly, the total turnover reached rupees 303 million and the All Share Price Index went down by 3.5 percent, while the S&P SL 20 or Milanka Price Index went up by 6 points.
Volume-wise, the highest contributing companies were JKH Rs 44 million, Dialog Rs 27 million and ACL Cables Rs 26 million, while the number of shares traded during the day was 20 million, CSE sources said.
"Today, it was mainly retail activity and we didn't see aggressive buying or selling in the market even though there were opportunities in the market, Candor Equities Marketing Manager Buddhike Payoe said."The market is stagnant and investors are awaiting some direction, he added.After market closure, the Central Bank's weekly treasury bill auction results showed rates falling 23 percent to 34 basis points. The benchmark 91-day treasury bill rates fell for the first time since July 8.Dealers said the reduction in rates will help attract investors into stocks.
Meanwhile, JKSB said about yesterday's CSE trading:
ASPI: 6,494.86 (-7.03 pts; -0.11%); Val T/O: Rs. 303mn (US$2.09mn); Vol T/O: 20.0mn; Trades: 4,637
Advance/decline ratio: 107/63 ; Top gainer: JKH.W (+57.89%); Top loser: CTEA.N (-16.71%)
• The ASPI ended lower amid weak market turnover. Selected banking, diversified, manufacturing, telco, and food & beverage counters led activity levels with trading in JKH amounting to 15% of total turnover.
Accordingly, the total turnover reached rupees 303 million and the All Share Price Index went down by 3.5 percent, while the S&P SL 20 or Milanka Price Index went up by 6 points.
Volume-wise, the highest contributing companies were JKH Rs 44 million, Dialog Rs 27 million and ACL Cables Rs 26 million, while the number of shares traded during the day was 20 million, CSE sources said.
"Today, it was mainly retail activity and we didn't see aggressive buying or selling in the market even though there were opportunities in the market, Candor Equities Marketing Manager Buddhike Payoe said."The market is stagnant and investors are awaiting some direction, he added.After market closure, the Central Bank's weekly treasury bill auction results showed rates falling 23 percent to 34 basis points. The benchmark 91-day treasury bill rates fell for the first time since July 8.Dealers said the reduction in rates will help attract investors into stocks.
Meanwhile, JKSB said about yesterday's CSE trading:
ASPI: 6,494.86 (-7.03 pts; -0.11%); Val T/O: Rs. 303mn (US$2.09mn); Vol T/O: 20.0mn; Trades: 4,637
Advance/decline ratio: 107/63 ; Top gainer: JKH.W (+57.89%); Top loser: CTEA.N (-16.71%)
• The ASPI ended lower amid weak market turnover. Selected banking, diversified, manufacturing, telco, and food & beverage counters led activity levels with trading in JKH amounting to 15% of total turnover.
• Banks, Finance, & Insurance was the most actively traded sector (+0.21%)
• Chemicals & Pharmaceuticals was the best performing sector (+1.04%), supported by gains on HAYC (+4.06%)
• Trading was the worst performing sector (-4.05%), dragged down by a decline in BRWN (-3.23%)
• Chemicals & Pharmaceuticals was the best performing sector (+1.04%), supported by gains on HAYC (+4.06%)
• Trading was the worst performing sector (-4.05%), dragged down by a decline in BRWN (-3.23%)
www.island.lk
